Inexperience. Incompetence. Laziness. All were cited as reasons behind the Securities and Exchange Commission's failure to detect Bernard Madoff's $50 billion Ponzi scheme at a packed hearing Thursday before the Senate Committee on Banking, Housing and Urban Affairs. SEC Inspector General H. David Kotz, who recently released a 477-page report detailing the agency's shortcomings, appeared before the committee to summarize his findings. "It seemed relatively easy to uncover this, and it wasn't done," Kotz said.
September 11, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Inexperience. Incompetence. Laziness. All were cited as reasons behind the Securities and Exchange Commission’s failure to detect Bernard Madoff’s $50 billion Ponzi scheme at a packed hearing Thursday before the Senate Committee on Banking, Housing and Urban Affairs.
“There can be no excuse for that colossal failure,” said chairman Christopher Dodd, D-Conn. “How could this possibly have happened? And what can we do to minimize this ever happening again?”
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