Wednesday, July 29, 2009

Again, regulation does not work as promised

Joseph Cotchett, on the failure of the SEC to oversee Bernie Madoff:

Cotchett, whose firm, Cotchett, Pitre & McCarthy, specializes in civil fraud actions, would not reveal much of the discussion he and his law partner, Nancy Fineman, had with Madoff in relation to the suits, but he added tantalizingly that Madoff "didn't object to a single question" the attorneys asked.

"He opened up and told us everything about how the scam went down," Cotchett said.

Based on the extensive interview, Cotchett said, "In the new complaint we file, there will be a number of new people the SEC (Securities and Exchange Commission) has never looked at." Cotchett said that after talking with Madoff, he was shocked at what he perceived to be the failures of the SEC.

And a quote from television captured by Justin Fox:
I was dumbfounded at some of the instances where he told me and Nancy, in front of his lawyer, that he visited with SEC and there were times when he thought, “They got me.”

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