SEC Incompetent in Investigating Madoff Ponzi Scheme, Inspector General Finds

The Securities and Exchange Commission was incompetent in pursuing Bernie Madoff's Ponzi scheme, but not due to any inappropriate connections between the two parties, the agency's watchdog said Wednesday. The investigation by David Kotz, the SEC's inspector general, did not find any evidence that agency employees "had any financial or other inappropriate connection" with Madoff or his family that influenced their examination of his business. Even former SEC assistant director Eric Swanson's...Full Story
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