Madoff turned the table on the client: he had it set up so that he basically interviewed them for admittance. That made the potential client want it more. I can’t imagine how those people feel right now.
When your money manager is the:
broker/dealer
custodian
investment advisor
you have to have a lot of trust for that person or entity. To me, that type of trust would rank with God or a higher power.
I hold the SEC responsible because they were alerted and they were too afraid to ask for what they needed. Politics has no place in fiduciary care.
So far, nothing has changed since Madoff. There are proposals, but nothing has changed.
