Go Back  HuntingNet.com Forums > Non Hunting > Politics
 The SEC Sought Advice From Madoff >

The SEC Sought Advice From Madoff

Politics Nothing goes with politics quite like crying and complaining, and we're a perfect example of that.

The SEC Sought Advice From Madoff

Old 12-16-2008, 05:32 AM
  #1  
Boone & Crockett
Thread Starter
 
falcon's Avatar
 
Join Date: Mar 2007
Location: Comance county, OK
Posts: 11,383
Default The SEC Sought Advice From Madoff

Yep, the chicken house guard dogssought advice from a weasel. This will be another bailout deal-probably under the table.

http://news.yahoo.com/s/ap/20081216/ap_on_bi_ge/madoff_scandal

At one SEC hearing in April 2004 — during the period when Madoff is accused of carrying out his $50 billion fraud — Madoff joked with then-commission chairman William Donaldson about Madoff's own extraordinary profits and teased that he wasn't inclined to provide any advice that might help his business rivals.

....

As a former Nasdaq chairman, Madoff was an expert sought by Washington regulators who asked for advice on any number of regulatory issues over the years. In 2000, Madoff served on the government's Advisory Committee on Market Information, established to protect investors by ensuring accurate and full public disclosure of information to them.

Financial analysts raised concerns about Madoff's practices repeatedly over the past decade, including one letter to the SEC as early as 1999 that accused Madoff of running a Ponzi scheme, but the agency did not conduct even a routine examination of the investment business until last week, The Washington Post reported on its Web site Monday night.
Questions have been raised in two earlier cases about the SEC's handling of investigations involving influential figures on Wall Street or powerful investment firms.

The agency's inspector general, in a report issued this fall, said there were "serious questions" about the impartiality and fairness of the SEC's insider-trading investigation in 2004 and 2005 of hedge fund Pequot Capital Management. A former SEC attorney who worked on the probe and was fired by the agency told Congress he was blocked by agency superiors when he tried to question John Mack, now chairman of the Morgan Stanley investment house.

The SEC took no enforcement action in the Pequot case. The hedge fund and Mack have denied any wrongdoing.

In another report, the inspector general, H. David Kotz, determined the head of the SEC's Miami office failed to properly enforce securities laws in the investigation of now-defunct Bear Stearns' pricing of complex investments it sold, and found that he shouldn't have closed the inquiry in the summer of 2007 without enforcement action.

Bear Stearns nearly collapsed into bankruptcy in March and was purchased by rival JPMorgan Chase with a $29 billion federal backstop.
falcon is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
awshucks
Traditional Archery
3
04-27-2008 09:35 AM
dawei
Turkey Hunting
7
04-08-2007 04:27 AM
DavidPaul007
Bowhunting
32
01-24-2005 06:26 AM
zekeskar
Guns
2
10-14-2004 05:17 PM
barefoot
Reloading
13
09-07-2002 02:00 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Quick Reply: The SEC Sought Advice From Madoff


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.