This Explains Everything

Madoff: Had 'too much credibility' with SEC

Bush SEC "Idiots", Obama SEC "Dear Friends"

Overall, Madoff’s conclusion is that financial industry is “by and large…honest,’’ adding that “you can’t have the transparency the regulators want you to have because it’s proprietary and detrimental.”

“The thing I feel worst about beside the people losing money is that I set the industry back.”