Regulators Put On the Defensive Over Madoff Scandal
Deseret News (Salt Lake City) › January 28, 2009
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Summary
WASHINGTON - Government and industry regulators were put sharply on the defensive Tuesday at a Senate hearing over their failure to uncover the more than a decade-long, multibillion-dollar fraud scheme allegedly carried out under their noses by Bernard Madoff.
With charities and residents in their states ruined by losses from Madoff, members of the Senate Banking Committee demanded answers and accountability. They were scarcely satisfied with explanations given by two high-ranking officials of the Securities and Exchange Commission and the interim CEO of the securities industry's self-policing organization.See the full content of this document
Extract
Regulators Put On the Defensive Over Madoff Scandal
And they said the Madoff affair clearly showed the need for an overhaul of the patchwork system governing regulation of the financial markets - something the new Congress appears to be moving toward.
"Madoff's fraud was so im...See the full content of this document
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