"But are you saying--because I hope you are not saying that if you have somebody in looking at a broker dealer and they thought they were onto something and they thought something smelled bad, and all of a sudden the CEO of the firm said, hold it, you can't go there because that is in our investment ..."
"One of the questions, and I know that Senator Shelby and Senator Schumer have talked about additional resources."
"And there was no--from your investigators, there was no skepticism about it? There was no red flag? They accepted that at face value?"
"I would think that actually the Enforcement Division's location in the greater Washington area is still a pretty good place for it to be located."
"Isn't that in and of itself another red flag that should have said, hey, is this guy doing this all out of the his good heartedness?"
"What about the question of the actual performance of the fund?"
"Absolutely. We often, in our examinations, investigations of broker dealers, take our jurisdiction as far as it can go, and then once we hit that jurisdictional dead end, refer that conduct over to th..."
"So in this case, in the case of Madoff, my understanding was when he became an investment advisor, didn't he use the investment advisor reasoning as one way to preclude FINRA from looking----"
"Is performance of funds one of the criteria you look at?"
"I mean that we've got more agreement."
"As we look at public/private which often times involves tolling, making sure that they've got to stay in the game is very important."