Sunday, 22nd November 2009

 

3 September 2009 - Press Briefing

Internal report slams SEC for botching Madoff investigations

The Securities and Exchange Commission botched several opportunities to expose Bernard Madoff's pyramid fraud, partly due to an inexperienced staff and delays in inquiries, an executive summary of a report by SEC inspector general David Kotz has revealed, according to a report in The Wall Street Journal.

The summary, which was released on Wednesday, said that the agency got six warnings about Madoff's trading operations over 16 years, but inability of staff to follow up promptly - including to find out whether trades were carried out as proclaimed by Madoff - and poor communication within the SEC’s units enabled him to continue his scheme.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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