Senators Slam SEC On Madoff Investigation Failures

Law360, New York (September 10, 2009, 6:23 PM EDT) -- With a 457-page report in hand detailing the U.S. Securities and Exchange Commission's inability to detect Bernard Madoff's $50 billion Ponzi scheme, members of the U.S. Senate on Thursday pushed agency officials for more details on where to place the blame for the SEC's colossal miss.

The Senate Banking Committee met Thursday for the second time since Madoff's fraud was uncovered in December to puzzle over how the SEC could have missed what the agency's inspector general identified as six substantive red flags on the scam...
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