Harry Markopoulos, who tried for years to get the SEC to investigate Madoff, is interviewed in the NYT.

They weren’t even asleep at the switch; they were comatose. They didn’t respond to heat and light, much less evidence of wrongdoing. They were not engaged in the fight.

This agency is a fraud and a waste of taxpayer’ money. Worse yet, it provides an illusion of protection for investors when in reality there is none. Shut it down.