Now if only they had the talent to actually catch the bad guys.
U.S. regulators, seeking to impose stiffer rules on money managers a year after Bernard Madoff’s arrest, will require that investment advisers who have control over clients’ cash and securities get surprise inspections.
SEC Requires Surprise Exams in Response to Madoff Ponzi Scheme [Bloomberg]
"Hi this is Chris Cox with the SEC, we believe you may be participating in illegal activities, I would like to schedule a time to come in and review your company. How does 6 months from now work for you?"
"Chris, thanks for calling. I'll be at a bridge tournament that week. The week after should be alright. If you come by at around 3:50 in the afternoon I should be able to set aside about thirty minutes for you."
Thanks, guest, for writing the humorous commentary that Jon gets paid to put in his post, but didn't.
Does the SEC have jurisdiction over the anus?
-Nervous in Stamford
Would surprise inspections make any difference?
The SEC is a joke. We just did our SEC examination and they are focusing on the same stupid, pointless minutiae as before Madoff. They wanted to make sure that we voted our proxies and that our research files were up to snuff, but never got around to verifying assets or trades. 'Struth. Buffoons.
I have read that the Commission has plans to hire "SIX" new examiners for the Northeast Region in the next…18 months.