Rep. Ackerman speaking on Madoff Fraud – SEC staff being berated – did they have some intuition failure to miss the obvious fraud?

The SEC staff were taken by Madoff and his charm and way to spin facts. The SEC staff may have used the process of “anchoring and adjustment” such that they may huge intuitive mistakes by assuming a investment manager with a strong investing track record must be fine. Therefore we do not need to analyze his records even though complaints were coming in from Mr. Markopolos: “I gift wrapped and delivered the largest Ponzi scheme in history to the SEC”