Here are Rep. Gary Ackerman words to members of the SEC on February 2nd 2009 concerning their inability to uncover the Bernie Madoff’s Ponzi Scheme in spite of help from Mr. Markopolis nearly a decade earlier:
“I am frustrated beyond belief.
We’re talking to ourselves and you are pretending to be here.
I really do not understand what’s going on.
Previous witness said, you guys, as an agency, act like you are deaf, dumb and blind…
And I figured you were coming here, you were going to testify to Congress…
You have told us nothing.
And I believe that’s your intention.
I figured you’d leave your blindfolds and your duct tape and your earplugs behind, but you seem to be wearing them today …
What the heck went on?
Your mission, you said, was to protect investors.
And to detect fraud quickly.
How’d that work out?
What went wrong? …
It seems to me with all of your investigators…
One guy with a few friends and helpers discovered this thing nearly a decade ago, led you to this pile of dung that is Bernie Madoff, and stuck your nose in it, and you couldn’t figure it out!
You couldn’t find your backside with two hands if the lights were on!
Could you explain yourselves?
You have single handedly defused the American public of any sense of confidence in our financial markets, if you are the watchdogs.
You have totally and thoroughly failed in your mission. Don’t you get it?…
What happened here? …
Do we start with hear no evil? See no evil? Or do no evil?
Take your pick.”
( http://www.youtube.com/watch?v=FOKSkaQoF_I&feature=PlayList&p=BB8182F8E40ACD74&playnext=1&playnext_from=PL&index=34 )
( Rep. Gary Ackerman, D-New York, 5th District, Bayside - on 02/05/09. His spoken words to members of the SEC during a hearing on the Madoff Fraud.)
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