Madoff Blinded Regulators With His Classiness
Why didn't the authorities catch Bernie Madoff sooner than they did? According to Andrew Kirtzman, the author of the book, Betrayal: The Life and Lies of Bernie Madoff, it was Bernie's taste for fine design that kept regulators from noticing giant Ponzi scheme staring them in the face:
Young, inexperienced government regulators were so wowed by Bernard Madoff's ritzy Midtown headquarters that they asked about job openings and dropped off resumes while missing clear evidence he was running a massive Ponzi scheme.
The same offices that were painted black and gray and look as if they were designed at the tail end of the '80s? Let's hope that the overhaul of the nation's regulatory system also involves giving SEC staffers new pairs of glasses.
