Who’s on First – the Madoff Debacle

By Janet Walgren

Many years ago, almost before my time – and I’m sixty-two, there was a comedy sketch that became quite famous called “Who’s on First?” It consisted of a funny dialog between a person trying to get information about the location of players in a baseball game and a frustrated person trying to inform the bewildered questioner. Confusion ensued because the questioner didn’t know the players had unusual names like “Who”.

 

Silly? Totally… even ridiculous! At least I thought so until I watched a Congressional hearing about the Madoff scandal last night. At first I thought the man being grilled was rather cavalier in his responses.  I thought to myself, “Why don’t they nail that incompetent turkey to the wall? After all, he’s the one that heads the agency that is supposed to be watching over the S.E.C. and he has no clue why this whole debacle happened…” Who saw what, why? Why were the many warnings that were received by his agency ignored? Why were the red flags that were apparent to so many invisible to his agency? He had no answers – NONE AT ALL! But, he was going to get to the bottom of it… “Isn’t that what you were supposed to be doing all along? What do we pay your for?” I thought.

 

Then, FINALLY, one bewildered congressman tried to set him up for the kill only to find out that they had the wrong guy. It was pathetically funny, in a morbid sort of way, to realize the committee, our Congressmen ‘who get paid to create bureaucracies to protect us’, had no idea who they were questioning or what they did. They actually had not only the wrong guys, but the wrong agency! They were questioning men from the external watchdog rather than the internal watchdog that watches over the watchdog.

 

So WHO’s ON FIRST – the runner, the first baseman or both??? Actually the correct answer is probably no one.

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One Response to Who’s on First – the Madoff Debacle

  1. leswikle@gmail.com says:

    IT’s not only congress. We had a parent come for a parent / teacher conference. He commented, ” Hu. Look at how he spells his name.” The teacher said it was common to reverse letters at that age. They finished the rest of the conference with the parent promising to help in the neede areas. When they finished, the parent said “That’s not my son. My son is the other one.” I figured out a long time ago that congress isn’t all there. Maybe you should run. Thanks for the post. Love ya Becca

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