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Mary on #Madoff: TGIF

From: Mary Shapiro
To: Congressman Bill Posey

Dear Congressman Posey,

As a follow-up to the grilling that I was subjected to earlier this week, my staff has researched the questions you presented re: current whereabouts and job status of former SEC staff that may have come in contact with Madoff-related audits and matters relating to suspect activity and accusations that were made in the years preceding the collapse of Madoff Investment Securities and related entities.

I respectfully suggest that it was no easy trick going back through volumes of files, but among the many improvements made to SEC procedures since the time that I was appointed, I'm pleased to say that we all now use alcohol-free hand sanitizers before and after coming into contact with dirty deedsters and whenever picking up files or using computer keyboards and phone equipment. If the Physician to the House were smart, he'd realize that the alcohol stuff that was approved for implementation in Congress is flammable and its havoc on the hands. In front of me now is an alcohol-free hand sanitizer product that I would recommend to you and your esteemed committee members.

As far as where former staff members are, I've already indicated that 15 of the 20 enforcement attorneys have left the SEC subsequent to the Madoff firm's collapse, and 19 of 36 examiners have also left the SEC.

Of those, it is my understanding that between January 2009 and February 2010, 5 of the enforcement professionals and 8 of the examiners secured positions at the Dept of Interior's US Minerals Management Service, also known as MMS. Since mid 2009, an additional 2 of the enforcement professionals and 3 of the former examiners have been working at Homeland Security's Times Square Counter-Terrorism Division,  3 examiners took positions at the TSA, and four others took positions at the FDA. As far as the latter four, its my understanding that they are also consultants to the leading maker of alcohol gel hand sanitizers, but I will defer to their supervisors as to whether that presents any real conflict.

Of the remaining former staff members, I believe that one of the enforcement professionals has pursued a career in stand-up comedy, another (along with five of the examiners) has opened a "steak and scotch" restaurant  located in the lobby of 200 West Street in New York, and at least four other individuals have been recruited into other private sector jobs within the financial industry. I've asked senior staff over at FBI if they could help track down the other individuals you inquired about, but I was told that their computer systems were temporarily "down" .

Hopefully this addressed your poignant questions. If not, and you need to reach me immediately, I'll be taking a few days out of the office and spending time recruiting former staff to rejoin the SEC and I can be reached at the Swanson residence in East Hampton, NY.    

M. Shapiro
Commissioner

Full post as published by Bernard Madoff on July 24, 2010 (boomark / email).