For a Bailout
SEC chairman says agency failed to probe Madoff
Tuesday December 16, 10:54 pm ET
SEC chairman cites multiple failures by agency staff to pursue Ponzi scheme allegations WASHINGTON (AP) -- Securities and Exchange Commission chairman Christopher Cox said Tuesday his agency repeatedly failed for at least a decade to pursue allegations of wrongdoing by Wall Street figure Bernard L. Madoff, the alleged perpetrator of a $50 billion Ponzi scheme.
Cox ordered a probe by the SEC's inspector general, saying the agency's staff had never brought the Madoff matter to the attention of commissioners.
Since the SEC staff never recommended that the commission open a formal investigation, subpoena power was not used to obtain information and the staff relied on information voluntarily produced by Madoff and his firm.
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," Cox said in a statement.
In a forceful condemnation of the SEC staff, Cox said there had been credible and specific allegations regarding Madoff's financial wrongdoing going back to at least 1999.
http://biz.yahoo.com/ap/081216/madoff_scandal.html
Have we ever seen the Feds fess up so quickly to being so wrong?
It's just not right. Someone (us) has to pay....
;)
SEC chairman says agency failed to probe Madoff
Tuesday December 16, 10:54 pm ET
Cox ordered a probe by the SEC's inspector general, saying the agency's staff had never brought the Madoff matter to the attention of commissioners.
Since the SEC staff never recommended that the commission open a formal investigation, subpoena power was not used to obtain information and the staff relied on information voluntarily produced by Madoff and his firm.
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," Cox said in a statement.
In a forceful condemnation of the SEC staff, Cox said there had been credible and specific allegations regarding Madoff's financial wrongdoing going back to at least 1999.
http://biz.yahoo.com/ap/081216/madoff_scandal.html
Have we ever seen the Feds fess up so quickly to being so wrong?
It's just not right. Someone (us) has to pay....
;)
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