LOLFed » Dr. Doom Weighs In On The Madoff Debacle

LOLFed » Dr. Doom Weighs In On The Madoff Debacle:

Auditing - ur doing it rong

Granted, Marc Faber lost the official LOLFed Dr. Doom Poll to Nouriel Roubini, but I will continue to refer to Faber as Dr. Doom until someone can suggest a better pet name. Found this gem on the Lew Rockwell Blog:

Peter Schiff, president of Euro Pacific Capital in New York, also raised concerns about the SEC’s auditing of the firm. “Of course, the fact that the SEC routinely audited Madoff’s investment company and found nothing wrong is further proof that government regulation of the securities industry is ineffective and has done more harm than good,” he said. “Rather than protecting investors, it merely lulls them into a falls sense of confidence. If government stayed out, private-sector due diligence would do a much better job of ferreting out such massive and poorly conceived scams.”

That's what I said! We had alleged auditing and regulation and then it was quietly turned off by Bush administration policy.

Since no one shouted from the rooftops that there was no more auditing going on and therefore everyone was on their own people just kept going along with complete bullshit because they assumed someone must be checking on this crazy ass complicated stuff.


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