Monday, February 07, 2011

SEC officials who missed Madoff now in top spots at major law firms

The New York Post reports:
They blew off the biggest securities fraud in history -- and got a career boost and hefty pay raise.

Several former senior officials at the Securities and Exchange Commission who had the power and tools to stop Bernie Madoff in his criminal tracks -- yet ignored warnings for nearly two decades -- have moved on to lucrative law-firm partnerships, The Post has learned.

"Everybody made out like bandits except for the people who were really screwed," said a former ranking SEC attorney, who left the agency before the Madoff case exploded.

"It's such an outrage, how bad it was. And they're all making well over seven figures now."

Great moments in regulation!