2 responses to “SEC’s Inspector General Provides Update on Internal Madoff Probe”

  1. The IG “hopes” to finish his Madoff report in another six months? Why is that OK? Kotz is taking months (and hiring expensive consultants) to write a report on Madoff that a reporter could write in a week (i.e., the examinations by OCIE were not thorough). The money and time he is wasting on the obvious should instead be spent on support staff and other needs for the enforcement program. When Chris Cox hired IG Kotz, he had the last laugh. Kotz’s bumbling antics can do more to destroy the effectiveness of the agency then any lobbying by business groups. Maybe Shapiro will realize the waste with Kotz and hire an IG who isn’t so wasteful. And, more importantly, spend government funds recovering assets for Madoff’s victims.

  2. A couple of points.

    1) I don’t think that sending over 1.3 MILLION emails is actually cooperation.

    2) I think that a major part of what this investigation may be trying to determine is if the SEC missed this one because of incompetence or corruption. Madoff was well-connected and was described as having political pull as far as Wall Street was concerned. I think the SEC is hoping that they are idiots instead of crooks.