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General News    H3'ed 6/18/10

MADOFF: THE LIABILITY OF THE SEC, FINRA,LARGE BANKS AND FUNDS, AND ACCOUNTANTS

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Message Lawrence Velvel

Thus, given the vital role of auditors in our economic system, it seems to me that the fund auditors who failed to verify that the Madoff assets and income claimed by the funds actually existed, should be liable to the investors in the funds, and should be liable as well to others who invested in Madoff. For had the auditors done their jobs, instead of negligently shirking their duty (in order to collect fees), the Madoff scam would inevitably have ended no later than the early to mid 1990s, and tens or scores of thousands of people who were hurt -- and whom it was foreseeable would be badly hurt by the auditors' failure to do their jobs properly and thereby uncover and end a scam -- would have escaped either unscathed or with much less harm.*


* This posting represents the personal views of Lawrence R. Velvel. If you wish to comment on the post, on the general topic of the post, you can, if you wish, email me at Velvel@VelvelOnNationalAffairs.com.

VelvelOnNationalAffairs is now available as a podcast. To subscribe please visit VelvelOnNationalAffairs.com, and click on the link on the top left corner of the page. The podcasts can also be found on iTunes or at www.lrvelvel.libsyn.com

In addition, one hour long television book shows, shown on Comcast, on which Dean Velvel, interviews an author, one hour long television panel shows, also shown on Comcast, on which other MSL personnel interview experts about important subjects, conferences on historical and other important subjects held at MSL, and back issues of a recently discontinued MSL journal of important issues called The Long Term View, can all be accessed on the internet, including by video and audio. For TV shows go to: www.mslaw.edu/about_tv.htm or http://www.youtube.com/user/mslawdotedu; for conferences go to: www.mslawevents.com; for The Long Term View go to: www.mslaw.edu/about_LTV.htm.

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Lawrence R. Velvel is a cofounder and the Dean of the Massachusetts School of Law, and is the founder of the American College of History and Legal Studies.
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