Time for a few heads to roll
From
Bloomberg:
SEC Never Did �Competent� Madoff Probe, Report Finds
The U.S. Securities and Exchange Commission never undertook a �thorough and competent� probe of Bernard Madoff amid at least six complaints that he was running a Ponzi scheme, the agency�s internal watchdog said.
�The SEC received more than ample information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination� of Bernard L. Madoff Investment Securities LLC, Inspector General H. David Kotz wrote in a summary of a report released today. Tips from a money manager, a �respected hedge-fund manager,� a firm that studied Madoff�s business and two anonymous informants failed to spur a complete probe, Kotz wrote.
The inspector general�s investigation didn�t find that senior SEC officials tried to improperly influence or interfere with inquiries.
The report is the most exhaustive look yet into the SEC�s failure to detect the world�s biggest Ponzi scheme, a $65 billion fraud that spanned decades and burned thousands of investors, including universities, charities and affluent clients. Lawmakers crafting a regulatory overhaul have awaited Kotz�s findings since agency officials rebuffed questions at hearings in January and February, citing the continuing Madoff inquiry.
I wonder if any of the SEC investigators had their money with Bernie.
Conflict of interest anyone?
Posted by DaveH at September 2, 2009 1:47 PM