Failure to uncover Bernard Madoff's alleged massive fraud should be the nail in the S.E.C.'s coffin. It's time to start over.
Here's what we know: The Securities and Exchange Commission was alerted to Bernard Madoff's suspicious returns several times during the past decade.
Here's what else we know: The S.E.C. failed to uncover what's being alleged as a massive Ponzi scheme at Madoff's firm.
Do we really need any more evidence that the agency charged with protecting investors needs massive overhaul and more oversight of hedge funds?
It's astonishing, really. Madoff was reporting consistent returns from an investment strategy that involved trading stock and options of S&P 100 companies. The returns weren't wildly huge, but they were reliably steady: up a little every month, up 10 percent per year.
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