SEC’s chief announced they had repeatedly received since 1999″credible and specific allegations” about Madoff’s $50 billion pyramid scheme…

…but for some reason were never acted on. That “some reason” is probably because their funding and resources were slashed to the core by agents of the anti-regulatory movement. Congrats, fellas, you got the government out of the marketplace and now the market is out of the marketplace as well.

S.E.C. Chief Says Staff Ignored Warnings on Madoff [Dealbook]

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