SEC Chairman Mary Schapiro said that an investigation "makes clear that the agency missed numerous opportunities to discover the fraud".

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In this edition of Max Kieser's "On the Edge", he discusses the shenanigans in the financial markets with Tyler Durden of Zero Hedge, a fairly new, but already influential financial blog.

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Madoff gets 150 Years!

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"Capitalism has failed" is a popular outcry today but those who believe this have misread the causes of our current economic conditions.

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The Big Four accounting firms are used to embarrassing headlines about their purported misdeeds. After all, the past decade has seen one business catastrophe after another at companies audited by the major firms. Witness the scandals at Tyco, WorldCom and Xerox.

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I don't think it was a friendly invitation to sit down and chat about membership and reward programs.

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Those filings really need to be overseen by an external audit entity that has no fiscal interest or connections.

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STONES thrown through a banker's windows in Edinburgh, workers "bossnapping" executives in France, retrospective 90% tax rates proposed in Washington, and now a riot in London as G20 leaders arrived for their summit (see article).

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I've known Newt Gingrich for about 20 years now and I've always enjoyed him intellectually, but detested him politically. The reason for the latter is his now-anachronistic first resort to anger; again and again, he cheapens public discourse through exaggeration and wild claims.

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Diplomacy is Krugman's failing. He does call a spade a spade in a nice way. But, what he fails to point out is that Bernie Madoff's (fraud)ulent scheme was 50 billion, while the criminal enterprise that is AIG, the big U.S.

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Hundreds of people in the United States are under investigation for financial scams, many involving Ponzi schemes, a U.S. regulator said on Friday, calling the phenomenon "rampant Ponzimonium."

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The Internal Revenue Service will allow victims of Bernard L. Madoff's investment fraud to claim a tax deduction related to the bulk of their losses, the I.R.S. commissioner told the Senate Finance Committee on Tuesday.

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Madoff exposed other swindlers, revealed the incompetence of US regulators – and gave America the villain it needed, writes Chadwick Matlin. Dear Mister Madoff:

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Fraud Investigator Says Decade Of Warnings To Regulators Fell On Deaf Ears The man who waged a decade-long campaign to alert regulators to problems in the operations of fallen money manager Bernard Madoff told Congress Wednesday that he had feared for his physical safety.

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"Through complex commercial and stock market operations, as well as falsifications, the arrested managed to make the value of the shares of a firm on the stock market increase, without deposits to back it up, and profited from the subsequent sale of the shares," says a police rep …

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Dan Ariely: We got the group of students and we gave them a set of very simple math questions, and some people tried to solve them. And when they finished, we gave them 50 cents per correct question.

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We may never know how much money was lost (or stolen) this year, but the human toll is starting to add up.

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You versus the Federal Reserve. Your only weapon is knowledge.

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Social Security is a Ponzi Scheme: Why we must switch to Personal Accounts

The following is a reply to a discussion started with Behind My Screen over on this thread about term limits for the President (you'll have to read to see how we got from that to personal accounts for Social Security).

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