Mr Cooper Group Inc (COOP)

[grandetourismo]

Judge blogs to abolish SEC? (fat chance)

DJ US Judge Argues Madoff Not A Ponzi Scheme; SEC At Risk

. DOW JONES NEWSWIRES
The self-described $50 billion Ponzi scheme of Bernard Madoff is quite the opposite, and the fallout from that investment calamity is likely to be an ambitious reorganization of the financial regulatory system - possibly including the abolishment of the SEC - a federal appellate court judge notes in a recent blog posting. Seventh Circuit Judge Richard Posner, in a blog posted Dec. 21, offers that in the Madoff case, the attraction of well-off, sophisticated investors coupled with moderately above-average returns with prompt redemptions, argues against the classic Ponzi schemer. Posner expresses surprise that the Securities and Exchange Commission didn't detect the Madoff scheme, and writes that in a possible resulting regulatory shakeup "the SEC may be abolished. If so, Bernard Madoff and (SEC Commissioner) Christopher Cox can share the credit." Blog site: www.becker-posner-blog.com/