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S.E.C. Chief Says Staff Ignored Warnings on Madoff
DealBook —
... at any point to seek formal authority to pursue them,” he said. Moreover, Mr. Cox said, “a consequence of the failure to seek a formal order of investigation from the commission is that subpoena power was not used to obtain information, but rather the staff relied upon information voluntarily produced by Mr. Madoff and his firm. Mr. Cox said he had directed the S.E.C.’s inspector general to review why past allegations against Mr. Madoff were not followed up by the commission’s staff. Go to Statement from Christopher Cox, the S.E.C. Chairman »
News Flash: Chris Cox Makes it Unanimous
gary-weiss.com —
Ever the consummate politician, SEC chairman Chris Cox admitted tonight that yes, it does get dark when the sun goes down; yes, water is wet; and yes, the SEC screwed the pooch on Bernie Madoff. I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them. Moreover, a consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information, but rather the staff relied upon information ...
How to run the SEC, by C. Cox
NakedShorts —
... Proclaim “I’m shocked, shocked to find Ponzi schemes going on here. Nobody’s been answering the phone.” (Thinks to self: See, government is the problem! Picks up dog-eared copy of ‘Atlas Shrugged’ and curls up in comfy chair. Kicks can down the road.) ...
SEC Chairman Christopher Cox on Madoff
Alea —
... for action. I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them. Moreover, a consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information, but rather the staff relied upon information voluntarily produced by Mr. Madoff and his firm.
Statement Regarding Madoff Investigation
SEC Failed to Act on ‘Credible, ...
S.E.C. to Look into Family Ties to Madoff Firm
DealBook —
... — reported that he had confessed to them that his money-management business was “basically, a giant Ponzi scheme” and “a big lie.” The criminal complaint under which he was arrested charged him with a single count of securities fraud. He surrendered his passport and was released on a $10 million bond, secured by his apartment and co-signed by his wife and his brother, Peter Madoff, who was also the general counsel at his trading firm. Go to Article from The New York Times » Go to Press Release from the S.E.C. »
Opening Bell: 12.17.08
Dealbreaker —
... [...]
One of the commission's investigative teams that had examined the Madoff firm was headed by a lawyer named Eric Swanson, who served for 10 years as a lawyer at the commission and left in 2006.
[...]
In 2007, Mr. Swanson married Shana Madoff, a niece of Bernard L. Madoff and daughter of his brother, Peter Madoff, the firm's chief compliance officer. Ms. Madoff is the firm's compliance attorney.
And the official statement from the SEC.
Asian Hedge Funds Profit From Prop Desk Death (Reuters)
The article ...
Madoff & the SEC
Conglomerate —
... about the marginalization of the SEC in the current financial crisis--it was likewise AWOL in the Madoff fraud, and this bad boy was clearly within its purview. The beleaguered Chairman Christopher Cox issued a surprisingly frank statement yesterday. One highlight: ...
On the Madoff Situation
The Bonddad Blog —
I haven't written anything about the Madoff scheme yet. There have been so many economic events to keep up with that it can be a bit like trying to plug holes in a dike. However, here are some points. 1.) This is crap. According to the SEC: The Commission has learned that credible and specific allegations regarding Mr. Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action. I am gravely concerned by the apparent multiple failures over ...
SEC (cough) accountability, by C. Cox
NakedShorts —
... David S. Products parses Tuesday night’s Damn, The Staff Are Probably Crooks statement by SEC chairman Christopher Cox.
We bleeped up. And that was not a bleep.
It wasn’t my fault.
The stable door is now secure.
The ...
Another View: Can the S.E.C. Find Its Mojo?
DealBook —
... of three financial regulators last week, President-Elect Barack Obama asserted that the massive fraud by Bernard L. Madoff “was made possible in part because the regulators who were assigned to oversee Wall Street dropped the ball.” Christopher Cox, the chairman of the Securities and Exchange Commission, issued a press release pointing the finger directly at the staff, stating that “credible and specific allegations regarding Mr. Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of S.E.C. staff, but were never recommended to ...
Madoff inquiry: Animal indignities edition
NakedShorts —
... The Fooles on The Hill — this time d/b/a Chris Dodd’s Senate Banking Committee — took another swipe at the Madoff Maelstrom today, with a hearing prosaically entitled ‘Regulatory and Oversight Concerns and the Need for Reform.’ The gratuitous insults to animal dignity came, predictably, from two senior US Securities and Exchange Commission executives still showing the tire marks from the bus they were thrown under — mostly deservedly, but still — by the unlamented former chairman. ...
Regulators: An apology
NakedShorts —
... Don’t Blame Me: Cheung by Lorena Mongelli and Dan Mangan The New York Post Jan. 7 2009 Statement Regarding Madoff Investigation Dec. 16 2008
