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SEC investigators hard at work tracking the evildoers SEC Inspector General H. David Kotz, who reviewed the agency’s Madoff probes for eight months, said he might propose that staff be required to verify random samples of trading data to ensure money managers are conducting transactions. SEC managers also should assign employees with “appropriate skills [...] The U.S. Securities and Exchange Commission is “rigorously” investigating whether traders are using technology to manipulate markets, the agency’s enforcement and inspections chiefs said today. The initial reports and investigations into high frequency trading and the like came from financial blogs like Zero Hedge and Naked Capitalism. The SEC paid attention. Good. Ex-SEC lawyer: Madoff report misses point An ex-SEC lawyer says their report on how they blew the Madoff investigation focuses too much on staff and too little on supervisors. The SEC inspector general said he was “befuddled” by her remarks. The SEC sure spends a lot of time being incompetent and befuddled, don’t they? Ah [...] SEC never did ‘competent’ Madoff probe says internal watchdog report Bloomberg 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. But the report primarly blames inexperienced junior staff and [...] Look out derivative and credit default swap traders — Dr. Henry Hu is coming to town. In a startling departure for the SEC, Hu possesses actual competence in financial matters and may actually enforce regulations. What a concept. Wow, that Mr. Madoff sure is a big shot. Maybe we could work for him after we pretend to regulate him Wow, I bet those regulators were doing a heck of a job of regulating. Yet of the same regulators, rather than being fired or disciplined, were sent back even after it was apparent [...] In a report released publicly today, the General Accountability Office said that policies put in place during the tenure of former Securities and Exchange Commission Chairman Christopher Cox were thought within the agency to have hampered investigations, discouraged staff from pursuing penalties against corporations, and created an adversarial relationship between the Division of Enforcement [...] By our count, at least five former Stanford employees told the SEC they thought Stanford was running a Ponzi scheme, from 2003 on. Yet the SEC resolutely did nothing, just like with Madoff. Look folks, if this happened in some little banana republic we’d have no problem saying it was obvious and blatant corruption. Does [...] Doug Henwood Apparently the SEC has known that something was fishy with Stanford for years. The same with Madoff before him. Yet they did nothing. Was this corruption? Bribery? Self-censorship? Complacency? Probably all of them. But this is a society badly in need of a renovation. In bad moments, I fear we’re too far gone. [...] Madoff bought no securities for at least 13 years, yet no regulator had a clue. Stanford broker fired for asking questions. The SEC knew about this, and multiple other Stanford complaints too, and of course did nothing. Just like they did with Madoff. If these Ponzi schemes had happened in a Third World country [...] |  | ||||
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