Wednesday, March 18, 2009

They're Conspiring to Conspire

It comes as no surprise today that Bernie Madoff's auditor is facing charges of securities and investment advisor fraud.

Today's New York Times states the obvious when talking about the "red flags":

Some of Mr. Madoff’s critics have said that the tiny accounting firm was a red flag, given the size of Mr. Madoff’s legitimate operations. The fact that Mr. Friehling also appeared to be the agent for dozens of accounts with Mr. Madoff’s investment advisory firm, according to a list of customers assembled by the trustee overseeing the firm’s bankruptcy, should have raised more red flags, they said.

Look, I know that many people that invested w/ the Bernster aren't even remotely intelligent about financial matters but c'mon... BILLIONS of dollars audited by Friehling and Horowitz?

It seems reasonable to me that there are some complicit BM (ha!) investors out there that saw that this thing was now what it seemed and said nothing. Or I could be wildly speculating...I'm sure the crack-squad at the SEC will get to the bottom of it. To be continued....

Madoff’s Accountant Is Charged With Securities Fraud [New York Times] Sphere: Related Content

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