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Madoff was forced to return to his Manhattan home as a condition of bail. He will be confined to his apartment under curfew, wearing an ankle bracelet to track his movements, pending trial. CBS' Bob Orr quoted SEC Chairman Christopher Cox as conceding that regulators had "repeatedly failed to thoroughly investigate allegations that Madoff was running a scam." Indeed Madoff's niece, a lawyer at his brokerage firm, is married to former SEC inspector Eric Swanson, "who at one point led the team looking into Madoff's financing." ABC's Brian Ross illustrated how easy it should have been for securities regulators to smell a rat. Madoff filed SEC forms certified by independent public accountants Friehling & Horowitz, "a one room operation in a small suburban office park outside New York--that alone should have been a tipoff."
On NBC Trish Regan, from the network's sibling financial news channel CNBC, reflected on the impact of the Madoff prosecution on investors generally: "Many people are now questioning whether their money is safe, not because the market is declining but because they are not certain they can trust regulators and their own investment managers." The $50bn that Madoff allegedly evaporated, Regan pointed out, is "twice the amount of money the auto companies are asking Congress for."
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