Thanking Madoff for Exposing the SEC

Thank you, Bernie Madoff. It isn’t a joke. And, no, Irving Picard, I didn’t make money from Mr. Madoff’s massive fraud, so call off the lawyers. Still, all of us owe a bit of thanks to Mr. Madoff. After all, without his Ponzi scheme, we might never know how inept, conflicted and wayward the Securities and Exchange Commission has become.

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