It's been several years since Bernard Madoff ripped off investors in hte biggest Ponzi scheme ever, thanks to the Security and Exchange Commission which turned a blind eye. Now we have reports that the SEC has disciplined eight employees over their handling of the Madoff case. Still, it hasn't sacked anyone.
Why such slack discipline? According to an SEC Office of Investigations report, the SEC "received more than ample information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operating a Ponzi scheme, and that despite three examinations and two investigations being conducted, a thorough and competent investigation or examination was never performed."
As Jim Mitchell writes in the Dallas News, it's a case of too little, too late and no accountability at the SEC. "Not only does the SEC lack the willpower or manpower to pursue a complicated case, it lacks the guts to discipline employees in a meaningful way Federal employees in other agencies face greater punishment for far less."