Meaghan Cheung: I did an awesome job on Madoff!

September 7, 2009
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Meaghan Cheung, perhaps the most incompetent bureaucrat in the history of a nation of incompetent bureaucrats, cited her Madoff work as an example of her excellent performance in her 2007 SEC performance evaluation.

Her self-evaluation quoted in the SEC’s disaster analysis report:

In Madoff, we investigated the asset management services provided by a broker-dealer specializing in hedge funds who was not registered as an investment adviser. After our investigation, we conducted discussions among the staff, the Division of Investment Management, and Madoff’s counsel. We also held separate discussions with Madoff’s largest hedge fund client. As a result of those discussions, Madoff’s firm registered with the Commission as an investment adviser, and his hedge fund client corrected its disclosure.

Markopolous handed you a Ponzi scheme on a silver platter and you got the Ponzi scheme to file registration paperwork and change a disclosure? WIN!

Do you really want these people running your health care?

2 Responses to Meaghan Cheung: I did an awesome job on Madoff!

  1. [...] never attribute to malice that which can be explained by incompetence. I suspect that the sort of mediocre people who would spend a lifetime of bureaucratic drudgery at the SEC saw the settlement as a victory when [...]

  2. Paladin on January 31, 2012 at 3:53 pm

    Meaghan Cheung set a new standard for investigative stupidity and ineptitude. As revealed in the Inspector General’s report and elsewhere, Cheung’s idea of an investigation was to question the suspect and look no farther if he had a plausible answer. It never occurred to this bimbo that an investigator checks the suspect’s story against independent sources. Among other things, Cheung case demonstrates that many Ivy Leaguers (she went to Yale) are actually rather stupid people who are easily outmaneuvered by street-savvy people like Bernie Madoff (Hofstra College).
    The SEC needs to clean house and get rid of dead-heads like Cheung. It must then institute a system of bounties for honest whistle-blowers (and jail time for scam artists who pose as whistle-blowers).

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