Top Highlights

• Just the fact that something has gone on for a very long time doesn’t mean it’s legitimate.
• What he did do was create a clearly documented record of his warnings so that when Madoff’s scheme eventually toppled under its own weight, the Securities and Exchange Commission (SEC), which was charged with stopping fraud and protecting investors, could not assume an ostrich defense.
• clearly implausible
• when it comes to large corporations and institutionalized Wall Street, the SEC uses kid gloves, imposes meaningless nondeterring fines, and emphasizes relatively unimportant things like record keeping rather than the substance of important things—like investors being swindled.
• the SEC has been exposed.