Killing the watchdog.

Killing the watchdog. I have yet to see this reported anywhere, but an anonymous commenter named trademonster on an investment forum said this (notice the dates):

01-09-06 06:49 AM
I've heard that SEC is going to shut down Madoff financial and all of their hedge funds for SEC violations. Can anyone confirm this?

And this:

01-14-06 02:52 PM
I actually got some update and found out that it's Spitzer's office doing the investigation not SEC. But I don't know what the scope of the investigation is.

Suddenly Spitzer's dalliances with a hooker don't seem quite as fundmentally important to the financial health of this country.

We need people who understand the system to police it. No matter how sanctimonious or egomaniacal you may find him, Spitzer understands the financial system. If these posts are true, somebody in power was more interested in the the details of Eliot Spitzer's transactions than Bernard L. Madoff's. They were obviously more interested in killing the watchdog than in catching the billionaire burglar.