“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”
— Cicero, 55 BC
Wow, this takes the cake. The man even went on to become the Chairman of Nasdaq under the very nose of the great SEC. We have still to get over the shock of the sub-prime crisis, the downfall of numerous organisations that had overleveraged themselves and now we have another situation resulting from the lack of oversight on behalf of the regulator. I am not sure who out of the Big Four is the Auditor of the US $ 50 billion empire of Mr Madoff but I am sure the Auditor too will have a lot to explain. Not to mention the rating agencies that must have been part of the big scheme spun by the spin doctors at his companies. What to say of the due diligence process carried out by the great investment bankers using their best practices for recommending investment in these schemes!
A number of red flags were raised, and some newspapers even carried stories on the credibility of growth story spun by Mr Madoff, however, nothing came of it and now we are faced with another big scandal.
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