SEC Knew About Madoff Nine Years Ago–And Two Things You Can Do

Calling it the worst fraud in history (far worse than Enron), Democracy Now released the shocking news that the Securities and Exchange Commission (SEC) had known there were serious problems around Bernard Madoff for nine years!

Are you as sick and tired of this as I am? Enron fell apart in 2001. Michael Milken was indicted in 1989–that’s almost 20 years ago! And now we find out that Madoff, former head of NASDAQ, took the whole financial system for an astonishing $50 billion, suckering investors in with the promise of outrageously good yields and wiping out numerous good charities–the same week we find out Illinois Governor Rod Blagojevich actually had the chutzpah to try to sell Obama’s vacant Senate seat.

Have we learned NOTHING since the Milken days?

If you’re all riled up about business scandals, about banks and industrialists coming to Washington to coax billions of our tax dollars out of the government while doing nothing either to change the over-lavish lifestyles or to pump credit back into the system, if you think these companies should get a clue before they come looking for a handout and the government should get a clue before it hands out our money without any oversight, if you’re sick and tired of being sick and tired–there are a few things you can do. They’re easy, they take almost no time, and they could make a difference.

First, tell Obama’s transition team what you want to see the next administration accomplish. It’s the first time I can remember a newly elected president making a conscious and thorough effort to tap the wisdom of the general public.

Second, sign the Business Ethics Pledge and help create a climate where the Milkens, Madoffs, Kenneth Lays, and Blagojeviches of the future won’t find anyone to listen to their crooked Ponzi schemes and extortionate rackets.