Senate Report Criticizes SEC Investigation

Senators Specter and Grassley released an interim report critical of the SEC's investigation of hedge fund Pequot Capital Management.  “At best, the picture shows extraordinarily lax enforcement by the S.E.C.,” Senate investigators concluded. “At worse, the picture is colored with overtones of a possible cover-up.”   The report also suggests that former SEC attorney Gary Aguirre was fired because of his persistence.  The Senate inquiry is also looking into whether SEC officials made false statements to the Senate. See NY Times, Senate Report Says S.E.C. Botched Hedge Fund Inquiry.