Yes, there were "multiple failures" on the part of SEC staff with regard to Bernie Madoff. Yes, a variety of "credible and specific allegations" over a span of at least ten years "were repeatedly brought to the attention of SEC staff," and yes, it's true that no one there took any action whatsoever. But look, Chris Cox said in a press conference today, you can't blame them. They are very special people and they were just doing the best they could do. "They are extraordinarily professional," he said. "I'm enormously proud of them." You're all winners, SEC staff! Now go fuck yourselves. [WSJ, SEC.gov]
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