A House panel on Monday heard tales of woe from investors who placed their savings with Wall Street financier Bernard Madoff, whose alleged fraud could amount to $50 billion. Inspector General H. David Kotz, said at the hearing that he is so concerned about the SEC's failure to uncover Madoff's alleged Ponzi scheme that he is expanding the inquiry called for last month by SEC Chairman Christopher Cox. Cox had placed the blame on the SEC's career staff for failing to detect what Madoff was doing.
SEC Role Under Scrutiny in Madoff Scandal
The Associated Press
January 7, 2009