Much has been said about the Securities and Exchange Commission's incompetence over fraudster Bernard Madoff and why it ignored all the red flags. Now whistleblower Harry Markopoulos, who warned regulators more than a decade ago about Madoff, has accused the SEC of "financial illiteracy". More in this report and this one.

He said only one SEC member understood the magnitude of what Madoff was doing. "My experiences with other SEC officials proved to be a systemic disappointment and lead me to conclude that the SEC securities lawyers, if only through their investigative ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed," Markopoulos said.

Madoff might still be living in luxury under house arrest but as the New York Post reports, even members of his own family are talking about changing the names of his grandchildren who attend tnhe more prestigious prep schools in New York. Still, it can't be that bad for the Bernmeister. He has inspired street art in Williamsburg.