Lawmakers are furious at the SEC regulators for the failure to properly investigate Bernhard Madoff’s alleged scheme that cost investors some $50 Billion. Rep. Gary Ackerman was quoted as saying, “I want to know who is responsible for protecting the security investor… I want to tell those people, who’s job it is, that they suck at it.”
Investors testified of the struggle from losing everything they worked their whole lives for. One investor, Allan Goldstein, stated, “in the blink of an eye savings that I struggled my entire life to earn have vanished.” He is facing the loss of his home due to the inability to pay his mortgage.
The free market system when run correctly, the best on the planet. But, the self serving, greedy executives, like Madoff, are destroying the playing field and risking our entire market system.