We missed the SEC portion of the House Financial Services Committee meeting on the Madoff matter yesterday, but we find it hard to imagine that any part of it topped the amazing rant uttered by Representative Gary Ackerman, who has really been letting his Long Island out lately. Last time the SEC testified about Madoff, he told them in no uncertain terms that they sucked. This time, he elaborated. “I figured you’d leave your blindfolds and your duct tape and your earplugs behind,” he began, awesomely.
“But you seem to be wearing them today … What the hell went on? Your mission, you said, was to protect investments. And detect fraud quickly. How’d that work out? … It seems to me with all of your investigators, one guy with a few friends and helpers discovered this thing nearly a decade ago. He led you to this pile of dung that is Bernie Madoff, and stuck your noses in it, and you couldn’t figure it out! You couldn’t find your backside with two hands if the lights were on!
There’s more. We urge you to watch the clip at right. The man is poetry in motion.