Madoff Scandal A Huge Blow To SEC Credibility

Law360, New York (December 15, 2008, 12:00 AM EST) -- As U.S. Securities and Exchange Commission investigators set up camp inside Bernard L. Madoff’s investment firm and attempt to unravel a stunning scam that could have resulted in some $50 billion in losses for investors, others are beginning to wonder what kind of hit the agency itself will take as the full scale of the plot becomes known.

A criminal complaint filed Thursday charged Madoff with securities fraud for allegedly defrauding investors for as much as $50 billion. The SEC moved in after learning that Madoff...
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