Madoff Pleads Guilty To All 11 Charges
Professor Joseph A. Grundfest is interviewed for an ABC-7 News segment on Bernard Madoff's guilty plea for having defrauded investors in an elaborate ponzi scheme:
While it was a shameful day for Madoff, Stanford law professor Joseph Grundfest said the same about federal regulators. Grundfest is a former commissioner of the Securities and Exchange Commission. "The SEC shoulders a material portion of the blame for not shutting this operation down sooner than it did," Grundfest said.
"People have to take responsibility for their own portfolios, they have to take responsibility for their own actions, it's a lesson that we can't rely on the government to take care of us," Grundfest said.