Tuesday, June 16, 2009

Congressman Pushing S.E.C. for Madoff Report

Second day in a row, Rep. Paul Kanjorski has strongly urged the SEC to release its internal investigation into how the agency missed Madoff’s $65 billion Ponzi scheme before Congress votes on the new regulatory reform package.

Kanjorski, chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, said in a letter that he wants the final reports on the Madoff investigation by the end of July because he intends to use them as a case study for reform of the financial system. (Read the full text at NYT Dealbook)

On Wednesday, Obama economic team expected to release proposals for new financial regulations. House and Senate expected to begin debating the proposals shortly thereafter.

The SEC inspector general responded to initial letter from Kanjorski on Monday urging him to provide an update on the results of the Madoff investigation. Said SEC intends to issue three reports “very shortly” detailing all of the investigations that the SEC conducted into Madoff-related entities since 1992 and the reasons why the agency failed to uncover the scheme.

Two other reports that will provide specific recommendations on for improvement of the SEC’s various divisions are targeted for Sept. 30.

“I would encourage you to complete your examinations and release your findings sooner, if at all possible, given the importance of these matters,” Mr. Kanjorski wrote in his latest letter to the S.E.C.

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