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Lessons Learned From Bernard Madoff: Why We Should Partially Privatize The Barney Fife’S At The Sec, Mark S. Klock
Lessons Learned From Bernard Madoff: Why We Should Partially Privatize The Barney Fife’S At The Sec, Mark S. Klock
Mark S Klock
Financial markets do not function well when fraud is pervasive. Around September of 2009, the investigations into the SEC examinations of Bernard Madoff Investment Securities, LLC were completed and released to the public. The simple facts reveal an alarming level of incompetence and lack of financial literacy on the part of the guardians of the integrity of our financial markets. I suggest two important tools for addressing these problems. One is to supplement enforcement of anti-fraud rules with more private attorney generals by expressly creating a private right of action for aiding and abetting violations of securities laws. This will …