New SEC chief gave Bernard Madoff's son a job

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364345.ece

Mary Schapiro, Barack Obama's choice to lead the Securities and Exchange Commission (SEC), previously appointed one of Bernard Madoff's sons to a regulatory body that oversees American securities firms. It has emerged that in 2001, Ms Schapiro, currently chief executive of the Financial Industry Regulatory Authority (Finra), employed Mark Madoff to serve on the board of the National Adjudicatory Council — the division that reviews disciplinary decisions made by Finra.

Last week, Mark Madoff, with his brother, Andrew, were understood to have approached the authorities after their father apparently confessed to orchestrating a $50 billion securities fraud. Mr Madoff is under house arrest in his $7 million Manhattan apartment and will be electronically tagged after he failed to secure further signatories to guarantee his $10 million bail.

Both sons have emphatically denied any involvement in what could be the biggest fraud perpetrated by an individual.

However, the link with Mark Madoff may prove controversial for Ms Schapiro and the President-elect, who has moved fast to replace Christopher Cox, the current head of the SEC. The watchdog has came under fire for failing to detect Mr Madoff's activities.

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http://www.nytimes.com/2008/12/16/business/16madoff.html

Supposedly the sons worked in a different part of the company and were not aware of daddy's scam. I don't completely believe that, but until facts say otherwise, that's what we've got.

The most logical explanation is that a lot of the money that was lost is now off-shore in a haven somewhere, and now controlled by the sons and other family members.

Does it seem logical to you that if your father ran a business on Floors 17, 18 and 19 of a building, but he never let you in to Floor 17, that you wouldn't want to find out what went on there?

Pandora always opens the box.

The princess always sneaks into the locked room in the castle of the evil Queen.

Which fairy tales do you believe in?