Madoff on SEC: ‘You Don’t Have to Be Too Brilliant With These Guys’

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David Kotz, the SEC inspector general who recently released a damning report highlighting the agency's incompetence regarding Bernie Madoff, is testifying in front of the Senate Banking Committee today, and to make things extra awkward for him, last night Massachusetts secretary of State William Galvin released a tape of Bernie Madoff chortling about the agency's idiocy back in 2005. "You don't have to be too brilliant with these guys," he told his employees. "The guys ask a zillion different questions and we look at them sometimes and we laugh ... These guys they work for five years at the commission then they become a compliance manager at a hedge fund." The only thing more awesome/embarrassing than Chris Dodd playing this at the hearing would be if he got D.J. RevoLucian to remix it. Fuckin' unprofessional.

The Madoff Tape: How Bernie Madoff Coached Others To Fool the SEC [ABC News]