December 23, 2008 (LPAC) --SEC Whistleblower Gary Aguirre, who was fired in 2005 when he tried to pursue a case of fraud by Morgan Stanley, their CEO John Mack, and one of their hedge funds, told the website Truthout.org that the SEC was fully complicit in the Madoff $50 billion Ponzi scheme, as part of its policy of leaving the big boys alone so they could get positions at their law firms later on--which is exactly what happened with the guy who fired him in 2005. Madoff, Aguirre said, is just one of many such cases which will be discovered as the financial bubble collapses.

"Madoff was an investment adviser," Aguirre said, "which means the SEC had regulatory authority over him.... We know that there were repeated complaints to the SEC over a period of nine years. The SEC was told Madoff was operating a Ponzi scheme. So, it is stunning that the SEC failed to investigate those allegations and uncover the fraud. …