Let’s try to quickly catch up on the tennis match that has been going on since yesterday between House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski and SEC Inspector General H. David Kotz.
In short, Kanjorski announced yesterday that he sent a letter to Kotz calling for an update by June 30 on his internal investigation into why and how the SEC failed to detect the Madoff scandal. Kotz responded yesterday that he would be releasing three reports related to the matter by the end of September. Kanjorski responded today by essentially saying “super, thanks, I look forward to reading the three reports – but I still need them by June 30.” Full details are available in this post on my Enforcement Action blog over at Compliance Week.
