SEC Gets the Smackdown

by Dual Income No Kids on February 20, 2009 · 0 comments

Hi All, 

If you’ve been following the news, you probably know that the Madoff Scandal was reported to the SEC well before it became public knowledge.  Well, it turns out SEC senior staff were summoned before a congressional fact finding hearing yesterday to explain why they failed to investigate.

They got a hot reception, especially from Representative Gary Ackerman

The general council of the SEC even attempted to claim executive privilege to explain why he wasn’t answering congresses questions. Something tells me the White House won’t be backing him on this one.


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