Sorry if this comes off as insensitive to the victims, but does this guy not just get more awesome by the hour? And the SEC, if possible, more retarded?
One investigator described Mr. Madoff as "a wonderful storyteller" and "a captivating speaker" ... the examiner said he found it "interesting" but also "distracting" because they were there "to conduct business." As to why Madoff did not collect fees like all other hedge-fund managers, they accepted his response that he was not "greedy" and was happy with just receiving commissions.
Of course, Berns really didn't even have to go into such elaborate tales in order to pull the Ponzi over these people's eyes. It sounds like a simple "Hey, look over there!" or "No further questions" would've sufficed.
There were also simple bureaucratic foul-ups, like the one in which different branch offices of the S.E.C. were both looking into the operations of Mr. Madoff. "Astoundingly, both examinations were open at the same time in different offices without either knowing the other one was conducting an identical examination," Mr. Kotz noted.
"In fact, it was Madoff himself who informed one of the examination teams that the other examination team had already received the information they were seeking from him."
Basically, Day One at Clownface College needs to be "The Pencil Sharpener: No Matter How Curious, Do Not Stick Your Dick In It."
Madoff Was A 'Wonderful Storyteller,' Says SEC Employees [Daily Intel]
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