Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, June 2, 2009

SEC's Inspector General Releases Semi-Annual Report on SEC Performance

The SEC's Office of Inspector General released its semi-annual report to Congress, covering the period from Oct. 1, 2008 --  Mar. 31, 2009.  In it the OIG describes both its past and pending audits and investigations that look into a variety of allegations involving SEC employees' peformance.  The report describes its investigation into why the SEC never uncovered the Madoff ponzi scheme and states that it expects to complete the investigation by this fall.  It also describes an ongoing investigation stemming from complaints of investigative misconduct by enforcement attorneys.  A Wall St. Journal article today says that this investigation was triggered by Mark Cuban's complaints about the conduct of the SEC attorneys investigating the allegations of insider trading against him, WSJ, SEC Examines Actions by Staffers.

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Why is IG Kotz taking months (and hiring expensive consultants) to write a report on Madoff that should have been completed in a week? The IG’s office of the SEC is wasting money getting consultants to write an obvious report (i.e., OCIE exams missed it). SEC funds should instead be used for support staff and other needs for the enforcement program. When will Mary Shapiro get rid of Chris Cox’s choice of IG and replace Kotz with a less wasteful and more thoughtful IG? And, when is the SEC going to spend government funds actually recovering assets for Madoff’s victims?

Posted by: Peter P. | Jun 3, 2009 8:26:17 AM

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