The ``watchdog'' that didn't bark or bite
The ``watchdog'' Federal agency, which didn't bark or bite, not only disregarded the repeated warnings of knowledgeable whistle-blower Harry Markopolos, a fund manager, as well as the two examiners in its own Boston office who said that Markopolos likely had it right; the SEC also disregarded reports in Barron's and other financial publications that questioned Madoff's legitimacy; and, perhaps most damning of all, the SEC disregarded letters from an obvious insider who revealed that Madoff was keeping two sets of books and told the SEC to find the evidence on a computer Madoff always carried on his person.
A California watchdog agency is calling on the governor and legislature to freeze pension benefits for current state and local government workers and overhaul the existing system, as the debate over retirement benefits for public employees has exploded nationwide.