Yeah, the SEC couldn't see that coming.
Never mind that they were apparently warned several years ago in written communications that Madoff's "returns" were highly abnormal given the published strategies he was using and the numbers he was posting.
Investigate? What's that? Why, that's unamerican!
Now we have $50 billion in fraud and, apparently, $17 billion that is just plain old-fashioned missing. And Madoff's company, just so we're all in the know here, is a market maker on Nasdaq, which means that a lot of other people's money (and shares) pass through his hands.
T+3 will come, but will your shares be there when it does?
Oh by the way, SIPC protection doesn't cover fraud, never mind that its only good for $500,000 anyway, and most of this guy's clients had ten times that much or more with him.
Finally, let us never forget that there is never only one cockroach.
Who knew, who was and is complicit, and how many more cockroaches are behind the wall?
TNX at 2.5% this morning. Gee, I wonder why?
Lots of, shall we say, inconvenient questions surrounding this one.