Her self-evaluation quoted in the SEC's disaster analysis report:
In Madoff, we investigated the asset management services provided by a broker-dealer specializing in hedge funds who was not registered as an investment adviser. After our investigation, we conducted discussions among the staff, the Division of Investment Management, and Madoff’s counsel. We also held separate discussions with Madoff’s largest hedge fund client. As a result of those discussions, Madoff’s firm registered with the Commission as an investment adviser, and his hedge fund client corrected its disclosure.
Markopolous handed you a Ponzi scheme on a silver platter and you got the Ponzi scheme to file registration paperwork and change a disclosure? WIN!
Do you really want these people running your health care?