U.S. SEC Relocating to Rye, NY?
Well, we might have found jobs for those folks at Tremont Capital that were duped by Bernie Madoff.
They can work for the U.S. Securities & Exchange Commission (SEC).
In Rye.
Yesterday, in Congressional testimony, Harry Markopolos, a former money manager from Boston who tried to alert the SEC to the Madoff scam for nine years said the securities commission should consider relocating out of Washington, DC. According to Bloomberg, Markopolos complained the beltway boys are all lawyers and don't know finance:
“Washington is a political center not a financial center,” he said. “If the SEC wants to attract the top talent, relocating its headquarters to somewhere between Rye, New York, and New Haven, Connecticut, is where this agency will best attract the foxes with industry experience it so desperately needs.”
Foxes in the hen house. Nice touch with the comment. Oh, we heard Rye's John Thain is looking for a new spot too.
