Madoff Whistle-Blower Cites 'Abject Failure' by Regulatory Agencies

The Wall Street Journal reports:

The Securities and Exchange Commission for years ignored detailed warnings regarding Bernard Madoff's alleged Ponzi scheme, the man who blew the whistle as early as May 2000 is slated to tell U.S. lawmakers Wednesday.

Harry Markopolos, an independent fraud investigator, said in more than 300 pages of testimony before a House committee that he was repeatedly ignored or given the brush-off by SEC officials.

"There was an abject failure by the regulatory agencies we entrust as our watchdog," Mr. Markopolos said

You'll notice the more the SEC fails, the more money they get.The government can't protect you against fraud.