THE BIGGER PROBLEM

Since the first caveman talked his neighbor into giving him a turkey leg for a moonbeam...there have been scam artists. Some have risen to incredible levels of accomplishment but we won't get into the Bush years right now...even though the most recent noteworthy con was done under George's watch.

The individual con artist or scam artist has always existed and the truth is they will always exist.

It's up to each one of us to follow the ole adage....if it sounds too good to be true, it probably is.

BERNIE MADOFF turns out to be a prolific con artist but we have a much BIGGER PROBLEM than an individual trying to scam other individuals out of their life savings.

It turns out that the SEC....Security and Exchange Commission...had been responsibly warned as far back as 2000 about Madoff and over the next 8 years never acted regarding the continual ripoff.

THIS IS THE MAJOR PART OF THE STORY AND YET IT'S ALL ABOUT BERNIE MADOFF.

THE SEC IS RESPONSIBLE FOR APPROXIMATELY $43 BILLION OF THE $50 BILLION THAT MADOFF SUCKED FROM HIS CLIENTS.

ARE YOU TELLING ME THAT THE SECURITY AND EXCHANGE COMMISSION HAD NOBODY WHO COULD UNDERSTAND WHAT THEY WERE BEING TOLD BY FRAUD INVESTIGATOR HARRY MARKOPOLAS?

I have to believe that when someone gets hired by the SEC they most likely have a college degree and I would then assume that within those hired employees there had to be numerous accountants, lawyers and business majors.

DID THE SEC HIRE ONLY PEOPLE FROM THE BOTTOM OF THE CLASS?

IT APPEARS SO...AND IT APPEARS THAT PERHAPS I'M UNDERESTIMATING THE ABILITY TO CONTROL REGULATION IMPLEMENTATION BY THE SIMPLE ACT OF....BRIBERY.

IF BRIBERY IS INVOLVED IN THIS CASE AND IT IS DISCOVERED THAT PEOPLE WORKING FOR THE SEC WERE TURNING THEIR BACKS BECAUSE THEY WERE INCREASING THE SIZE OF THEIR BANK ACCOUNTS, THEN WE REALLY REALLY REALLY HAVE A BIGGER PROBLEM.

EVERYONE SHOULD READ ALL THE DETAILS REGARDING THE MADOFF SCAM...AND PAY CLOSE ATTENTION TO THE LACK OF RESPONSE BY THE SEC.

The fact that Bernie took Sandy Koufax to the cleaners shouldn't really matter because Bernie is probably a Yankee fan and all's fair in love and war when it comes to the Yankee/Dodger rivalry.

THE BOTTOM LINE IS...BECAUSE THE SEC WAS IRRESPONSIBLE IN THIS MATTER...THAT SOME OF THE BAIL-OUT MONEY SHOULD GO TO THE VICTIMS.

THE SEC IS RESPONSIBLE FOR ALLOWING $43 BILLION DOLLARS TO BE STOLEN FROM CITIZENS OF THE UNITED STATES.

IF EACH PERSON WHO GOT RIPPED OFF COULD RECEIVE ONE-HALF OF THEIR LOST THEN IT WOULD SOMEHOW HELP TAKE THE STING OUT OF US THINKING THAT THE SECURITY AND EXCHANGE COMMISSION IS A PLACE WHERE SCANDAL, BRIBERY AND DECEIT ARE ALLOWED TO EXIST.

So we are only talking about $21.5 Billion....and my guess is by the time all the victims learn about the SEC ignoring the facts of this case....the lawsuits against the SEC will amount to much more than $21.5 Billion.

THE UNITED STATES GOVERNMENT IS RESPONSIBLE FOR THE OPERATION OF THE SECURITY AND EXCHANGE COMMISSION.

IF THEY AREN'T....THEN WE'VE GOT MUCH A BIGGER PROBLEM THAN A SCAM ARTIST CAVEMAN NAMED BERNIE MADOFF.

Michael Timothy McAlevey