House Lawmakers Call For Beefed-Up SIPC

Law360, New York (September 23, 2010, 5:28 PM EDT) -- Members of the U.S. House of Representatives contended Thursday that the Securities Investor Protection Corp. has not done enough to protect investors, and criticized the agency-endorsed net equity method being used to reimburse victims of Bernard L. Madoff's massive Ponzi scheme.

The SIPC has lost the trust of investors as a result of a narrow interpretation of its mandate, said Rep. Paul E. Kanjorski, D-Pa., chair of the House Financial Services Committee's subcommittee on capital markets, insurance and government sponsored enterprises.

“While SIPC’s actions may follow...
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