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FINRA Had No Authority In Madoff Fraud: Schapiro

By Jacqueline Bell (January 15, 2009, 12:00 AM EST) -- President-elect Barack Obama's pick for head of the U.S. Securities and Exchange Commission told the Senate Banking Committee on Thursday that the Financial Industry Regulatory Authority had no jurisdiction in the Madoff scandal, saying the current regulatory scheme allows misconduct to elude regulators....

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