Senate Report Alleges SEC Botched Probe

Law360, New York (February 5, 2007, 12:00 AM EST) -- An interim Senate report released by two senators says that the U.S. Securities and Exchange Commission has shown extraordinarily lax enforcement with overtones of a possible cover-up.

The report, released by Sens. Charles Grassley (R-Iowa) and Arlen Specter (R-Pa.), comes on the heels of a December hearing before the Senate Judiciary Committee. The hearing probed allegations that former SEC attorney Gary Aguirre was fired because he wanted to subpoena Wall Street honcho John Mack for allegedly tipping off a hedge fund on a deal.

Aguirre thought...
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