Embattled SEC Enforcement Chief Quits
Linda Thomsen, the SEC enforcement chief who was pummeled on Capitol Hill last week for failing to catch self-confessed $50 billion Ponzi schemer Bernie Madoff, has resigned.
The SEC release announcing her departure did not say a) who her successor will be and b) where she's going, both of which suggest this was a quickly arrived-at decision.
Here's an excerpt of last week's hearing, during which Thomsen was getting beaten up by Rep. Gary Ackerman (D-N.Y.) for not catching Madoff, despite being led to him by independent investigator Harry Markopolos:
“If anyone could make the case better than Mr. Markopolos, and I didn’t think they could, about you people being completely inept, you have made the case better than him,” Ackerman said.
“I am profoundly sorry you feel that way,” Thomsen replied, meekly.
Thomsen, and her fellow SEC witnesses before the committee, did themselves no favors by claiming a form of executive privilege and refusing to answer specific questions about Madoff -- further infuriating lawmakers.
Thomsen was appointed the SEC's top cop job in 2005.
February 9, 2009; 2:26 PM ET
Categories: The Ticker | Tags: Bernie Madoff, Linda Thomsen, SEC
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