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Remember how badly the SEC bungled the Madoff case?

Well, it finally disciplined 8 of the employees who were involved. Or maybe I should say "not involved."

I think most would agree that the employees got off lightly. Here's a piece I wrote up for Fool.com about it:

http://www.fool.com/investing/general/2011/11/14/wrist-slaps-all-around-at-the-sec.aspx

Just reading the Inspector General's report from 2009 again made my blood boil. The level of incompetence is almost beyond belief.

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It's a government job...what do you expect?

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I'll admit that in the government one gets promoted to the highest level of their incompentency, but at the same time a certain culture exists that makes it very difficult to do the right thing when doing the "right thing" involves going against the grain or norms of that industry.

Its just not as easy as it should be, and the moral compass is frazzeled, to say the least

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