How did our friend Bernie manage to escape notice so long? Even in the face of letters to the SEC suggesting he was bent? Inquiring minds are beginning to wonder. Perhaps he had friends on the "inside"? Arthur Levitt, insists Arthur Levitt.
"We were not socially friendly," Levitt said. "I knew Bernie the way I know [former Citigroup CEO] Sandy Weill or [ex-Merrill Lynch chairman Dan] Tully. He received no special breaks from the commission."
Levitt's comments come as the search for reasons why Madoff's alleged scam went unchecked for so long. As a result, the SEC, which oversees the activities of broker-dealers, has begun to face some tough questions.
At the center is Levitt, who earned a reputation as a supporter of the average investor during his reign as SEC chairman from 1993-2001. However some said Levitt may have ignored red flags when it came to Madoff.
So, we're taking bets. Insider, or not?
EX-SEC BOSS: NOT ME [The New York Post]