At Behest Of Grassley, GAO To Probe SEC

Law360, New York (October 27, 2006, 12:00 AM EDT) -- The Senate’s ongoing probe into the U.S Securities and Exchange Commission’s investigation of insider-trading at a hedge fund has expanded to involve another government agency.

Sen. Chuck Grassley (R-Iowa), who is leading the inquest into the SEC’s handling of the Pequot Capital Management investigation, has asked the Government Accountability Office to look into the SEC’s enforcement unit and its compliance, inspection and examination arm.

In a letter to the GAO, Grassley questioned whether the agency is “faithfully adhering to its mission.”

“Congress needs an independent analysis...
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