Creator Forum - Racial Loyalty News Online
Racial Loyalty News => General News => Topic started by: Rev.Cambeul on Wed 02 Sep 2009
QuoteUS regulators missed "numerous" red flags that may have led to Bernard Madoff's $US65 billion ($77 billion) Ponzi scheme and never did a "thorough and competent" probe despite complaints dating to 1992, a federal watchdog has concluded.
Article:
http://www.news.com.au/adelaidenow/story/0,22606,26020279-5005962,00.html (http://www.news.com.au/adelaidenow/story/0,22606,26020279-5005962,00.html)
QuoteFormer Chairmen Christopher Cox, William Donaldson and Arthur Levitt, former director of enforcement Linda Thomsen and former director of examinations and compliance, Lori Richards, were "generally unaware" of the SEC's probes of Madoff, according to the 457-page report.
And while SEC Inspector General David Kotz found these top officials did not act inappropriately, he said Madoff used his stature in the financial industry and mentioned the names of prominent SEC officials to intimidate agency staffers.
In the report summary, Mr Kotz accused the regulator of never conducting a competent probe of Madoff despite complaints dating back to 1992.
http://www.news.com.au/adelaidenow/story/0,22606,26029924-5005962,00.html (http://www.news.com.au/adelaidenow/story/0,22606,26029924-5005962,00.html)
Ah well, ya win some and ya lose some. Better luck next time, eh, JOGFEDZOGGOV regulators?
Some days the bear gets you...