SEC: Palm Beach Premier Episode (Starring Christopher Cox and Guest Appearance by Bernie Madoff)

Image via WikipediaCox is Chairman of the SEC and hears that an old buddy who used to be Chairman of the Nasdaq is suspected of engaging in some questionable business practices in his second career running an investment business.  No one really knows what Bernie's business does or invests in, only that his investors are happy (in fact honored) to be earning a tad over 10% per year with no down years.  Cox decides that rather than launch a full investigation, he will fly to Palm Beach himself and handle the matter as quietly as possible and preserve his old buddy's impeccable image.  He walks into Bernie's office and here's how it unfolds:

Cox: Hey Bern!  How's the golf game?

( Bernie looks up from his paperwork over the top of his reading glasses and breaks into a huge grin.)

Bernie: It's been a while.  What brings you to the Sunshine State?

Cox: Bern, we gotta talk.  I'm sure it's probably nothing.

Bernie: Sure.  What's on your mind?

Cox: Well, people are starting to ask questions about your investment practices.  You know, my job is to protect consumers and I just want to make sure your doing things right and we're not going to end up on opposite sides of a courtroom at some point.

Bernie: Well Chris, I gotta be honest.  I expected a lot more when I started this business but, as it stands right now, I've only got 23 clients.

Cox: Well, like I said, I was sure it was nothing.  I just had to be sure but, with only 23 clients, anyone can see there's no massive Ponzi scheme here.  Can I just get you to type up and sign something to that effect so I can put it in your file?  That way no one can question whether I actually looked into this. 

Bernie:  Sure Chris.  Wanna go have a few drinks?

Cox: Sure.  Type fast.  I'm thirsty.

Bernie:  You got it.  Drinks are on me.

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