Split Strike

One gets the impression, from the OIG's report on the SEC's decades-long failure to nab Bernie Madoff, that the SEC staff is full of people who don't have any clue what a split strike strategy is, much less what factors rendered such a strategy a highly implausible explanation of Madoff's claimed results.

Indeed, perhaps some of the staff members thought split-strike conversion was a bowler's term.

Well, Bernie got a 7-10 split in the end, but it was because of the rush to redeem on the part of his investors, which rush in turn produced his anguished confession to his sons. It decidedly was not due to any detective work by the SEC.

Speaking of those sons....The financial-industry gossip site Dealbreaker is on their case. I'll just give you a link to that. It is a lazy link farming type of morning.