The U.S. Senate Banking Committee will hold a hearing on January 27 to examine Wall Street financier Bernard Madoff’s alleged $50 billion fraud, a committee aide stated today. The Senate’s planned hearing follows the House Financial Services Committee’s hearing on January 5, previously discussed here.
Reuters reports that Senate Banking Committee Chairman Christopher Dodd and the panel’s top Republican, Richard Shelby of Alabama, have already started looking at how the SEC failed to detect the Madoff scandal. The two have reportedly
demanded a complete list of SEC and FINRA examinations and enforcement actions involving Madoff’s firm. They have also asked for all internal SEC and FINRA e-mails that made references to the firm, as well as a list of any positions held by Madoff and others he employed through appointments by the SEC or FINRA.