On a website called ChTONGUEeek, right after headlines including “Jets seeking older, more mature and experienced quarterback” and “Second baby of 2009 arrives to chants of ‘loser, loser, slow poke’” comes this: “Report: SEC investigation of Madoff pyramid scheme turned into a pyramid scheme.” As ChTONGUEeek (get it?) explains,
It’s now well known that the SEC, as reported by Chairman Christopher Cox, has had opportunities to stop Madoff’s Pyramid Scheme since 1999 but failed to act. However, when the Chairman got the information, he passed it down to his six senior level direct reports, who passed it down to their 24 senior VPs, and so forth down to through the compliance office and a network of 1,600 summer interns. Throughout this structure there was the exchange of money primarily for enrolling other people in the scheme through what they called “jobs”, though no real product or service was being delivered.