House Panel: SEC Should Have Caught Madoff
The House Financial Services committee hearing, under Rep. Paul Kanjorski (D-Penn.), is investigating the Bernie Madoff scandal, in which he may have bilked investors of up to $50 billion. The hearing is just now underway and already the SEC is feeling the heat.
Since the scandal broke, several media outlets have uncovered warnings about -- and even SEC investigations into Madoff -- that either went unheeded or turned up nothing.
"It now appears that regulators should have detected the Madoff wrongdoing earlier because of the red flags of others," Kanjorski said.
Keep checking back here for updates on the hearing. Witnesses scheduled to appear include and SEC official and a retiree who got grifted by Madoff.
Also, the Securities Investor Protection Corporation, which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, and Irving H. Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) of New York, N.Y., mailed out some 8,000 claim forms to Madoff investors today.
January 5, 2009; 2:28 PM ET
Categories: The Ticker | Tags: Bernie Madoff, SEC
Save & Share: Previous: Venezuelan Strongman Cuts Off Heating Oil to Mass. Poor
Next: Chrysler Down 53 Pct. in Dec.; Ford, GM Down More Than 30 Pct.
Posted by: Impeachbush99 | January 5, 2009 3:13 PM | Report abuse
The comments to this entry are closed.