Note: There is a maximum of 200 words per comment. If you wish to post more, please visit our forum.
House panel to SEC watchdog: How did Madoff investment fraud fly below commission’s radar?
Monday, January 05, 2009 | No comments posted.
WASHINGTON (AP) — The Securities and Exchange Commission heard rumblings about Wall Street money manager Bernard Madoff’s investment methods nearly a decade ago. Now a House panel wants to know how, despite those warnings, Madoff continued to operate without an agency investigation.
The Financial Services Committee will question the SEC’s internal watchdog Monday, as lawmakers try to learn why the regulatory agency failed to detect an alleged $50 billion investment fraud by Madoff.
Madoff’s alleged Ponzi scheme will be a case study for a planned overhaul of laws regulating financial markets, said Rep. Paul Kanjorski, D-Pa., who will chair the hearing.
Witnesses include H. David Kotz, the SEC inspector general. He’s already is looking into the agency’s failure to uncover the fraud despite several warnings.
Kotz previously said he will examine the relationship between a former SEC attorney and Madoff’s niece, who are now married.
The Financial Services Committee will question the SEC’s internal watchdog Monday, as lawmakers try to learn why the regulatory agency failed to detect an alleged $50 billion investment fraud by Madoff.
Madoff’s alleged Ponzi scheme will be a case study for a planned overhaul of laws regulating financial markets, said Rep. Paul Kanjorski, D-Pa., who will chair the hearing.
Witnesses include H. David Kotz, the SEC inspector general. He’s already is looking into the agency’s failure to uncover the fraud despite several warnings.
Kotz previously said he will examine the relationship between a former SEC attorney and Madoff’s niece, who are now married.
The comments below are from users of theworldlink.com and do not necessarily represent the views of The World or Lee Enterprises. Participation Guidelines
Note: There is a maximum of 200 words per comment. If you wish to post more, please visit our forum.
Note: There is a maximum of 200 words per comment. If you wish to post more, please visit our forum.
Not already registered?
The World welcomes your comments about stories, and we encourage a robust dialogue on this site. All comments must meet reasonable standards of decency and civility.
Please follow these basic rules:
- No defamatory comments about individuals or businesses.
- No deliberately false information.
- No obscenity or racially offensive language.
- No harassment, verbal abuse, threats or personal attacks.
- No information that invades another person's privacy.
- No business solicitations or charitable solicitations.
Comments that violate these standards will not be posted. Users with repeated violations may be banned from future posting.Comments will be approved throughout the day during business hours. After hours and weekend comments may not appear until the following business day. It may take a couple of hours before comments are approved.
The World generally does not edit comments, but we reserve the right to edit any comment that does not meet our standards.
Close Guidelines