After reading a fascinating article on why the SEC General Counsel recently departed quietly- I have added Lawyers on Strike to the blogroll. Please read this article, it's short. http://strikelawyer.wordpress.com/2011/02/23/interesting-lesson-in-journalism/
I want you to stop and think about this for a moment. The fucking SEC General Counsel was invested in Madoff's Fund??? And Madoff went uninvestigated for 10 years???
Please tell me what IF ANYTHING, qualifies as a conflict of interest?? This guy stands to lose 1.5 million profit he got from Madoff?? Turns out that this piece of shit, served as General Counsel to the SEC from 2000-2002. He was rehired in 2009 shortly after Madoff was arrested. He would have had all of this time to publicly disclose that he inherited profits from Madoff and certainly before beginning his second tour of duty at the SEC. Even the idiots at the SEC might have run a little scared. But hell, who knows? Here is the story of the poor sap who spent 10 years trying to expose Madoff without success. Go figure. http://www.americanfreepress.net/html/man_who_exposed_madoff_190.html
In fairness, Becker inherited the funds from his mother. What are the chances he knew and advised his mother where to invest his future inheritance? I'm saying better than average. Thus the chances of Madoff being investigated- in the 2000-2002 time frame? Nil. Tough to say how much mom had made by then and what clout Becker still had after he left.
Of course, David Becker, has excuses. See here. http://www.washingtonpost.com/wp-dyn/content/article/2011/02/23/AR2011022306509.html
Lawyers are subject to ethical code and conduct rules. That of course is an unproven theory and every once in awhile, the Bar in any given state, actually imposes some sanction on one of their kindred spirits. It is usually a scolding for having got caught.
All of Becker's excuses don't amount to shit. Any kind of good ethical conduct would demand disclosure at some point- years prior to today.
I am getting a headache just thinking about this.