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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.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 5, 2009; 2:28 PM ET
Categories:  The Ticker  | Tags: Bernie Madoff, SEC  
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Comments

Apparently the strategy was/is not simply de-regulation/no regulations, but even better, the regulators not only will not regulate, they will turn a blind eye to open criminal acts even while presented overwhelming evidence from many experts and support the crimes until of course someone gets caught at which time they will simpley go before a circus review of Congress that has no teeth and never holds anybody responsible for anything anyway. What's to lose really, there are no penalties and nobody is held responsible, heck even if we get caught, we STILL get to live in our $12mil Manhatten appartment and play golf, so go F yourselves Congressmen, damage is done, proceed with your circus lecture...hahahhahahahaha

Posted by: Impeachbush99 | January 5, 2009 3:13 PM | Report abuse

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