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post #1 of 10 (permalink) Old 12-30-2008, 06:25 AM Thread Starter
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Congress to examine Madoff case on Monday.........

Congress to examine Madoff case on Monday

WASHINGTON (Reuters) – Lawmakers will take their first close look next Monday at financier Bernard Madoff's alleged $50 billion fraud and why the Securities and Exchange Commission failed to discover the scandal.

Information gleaned from the hearing will help guide Congress as it attempts to reform laws regulating the U.S. financial system, said Rep. Paul Kanjorski, a Pennsylvania Democrat and chairman of the House capital markets subcommittee.

"Madoff's actions have further weakened the already battered investor confidence in our securities markets," Kanjorski said in a statement on Monday.

Madoff, a former Wall Street fund manager, is accused of running a $50 billion fraud that ensnared investors and charities around the world, according to authorities.

Critics say the SEC missed warning signs and failed to uncover the scandal until Madoff's sons went to the authorities and told them he confessed to the fraud. SEC Chairman Christopher Cox has asked an internal watchdog to probe the investor protection agency's conduct in the case.

Kanjorski said the Congressional hearing will examine if the SEC had enough staff and budget to police the markets.

"These proceedings will help us to discern whether or not the SEC had the resources needed to get the job done, how such a sizable scheme could have evaded detection for so long, and what new safeguards we need to put in place to protect investors," the lawmaker said.

Kanjorski did not identify who will testify at the hearing, scheduled for the day before the new Congress convenes. President-elect Barack Obama will be sworn into office on January 20.

The Madoff scandal, Kanjorski added, "provides a glaring example" of why Congress must launch the biggest reform of financial markets regulation since the Great Depression. Other lawmakers, including Senate Banking Committee Chairman Christopher Dodd, have said they want to streamline and improve the tangled U.S. regulatory structure that oversees banks and financial services.

Madoff is accused of running a giant Ponzi scheme, where he paid off early investors with money from later investors. He faces a criminal fraud charge filed by the U.S. Justice Department and a civil lawsuit filed by the SEC.

A federal judge in New York City recently set a December 31 deadline for Madoff to give the SEC a verified written accounting of his firm's records, bank accounts and other investments.

In addition to the federal lawsuits, a New York City investor who said she gave Madoff $2 million to manage sued the SEC and is seeking $1.7 million in damages from the federal agency.

Congress to examine Madoff case on Monday - Yahoo! News
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post #2 of 10 (permalink) Old 12-30-2008, 06:50 AM
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In addition to the federal lawsuits, a New York City investor who said she gave Madoff $2 million to manage sued the SEC and is seeking $1.7 million in damages from the federal agency.
This is what I keep hearing. Madoff's victims are going to recover their losses from U.S. taxpayers.
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post #3 of 10 (permalink) Old 12-30-2008, 07:03 AM Thread Starter
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This is what I keep hearing. Madoff's victims are going to recover their losses from U.S. taxpayers.

I thought this 2 weeks ago and having congressional hearings so soon, seems some group has some influence in Congress..........
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post #4 of 10 (permalink) Old 12-30-2008, 05:51 PM
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shhhhh
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post #5 of 10 (permalink) Old 12-30-2008, 05:59 PM
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Sorry but "shhhhh" indeed. It's hardly due to the influence of any "group" in Congress that they're going to investigate this. $50 Billion is real money, even by Congress's standards. OTOH, I wonder if we'll ever find out where it all went
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post #6 of 10 (permalink) Old 12-30-2008, 06:01 PM
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Where it all went? shhhhhhh
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post #7 of 10 (permalink) Old 12-30-2008, 06:01 PM
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It just vanished into thin air, of course. $50 Billion has a habit of doing things like that.
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post #8 of 10 (permalink) Old 12-30-2008, 06:08 PM
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thin air, thin air... I want you to look at the pendulum, thin air thin air
Now I count 3, 2, 1
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post #9 of 10 (permalink) Old 12-30-2008, 06:10 PM
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naw... "count from one to fifty billion, and call me in the morning"
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post #10 of 10 (permalink) Old 12-30-2008, 11:19 PM
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It will be interesting to see if a Federal Judge will rule to allow folks to sue the SEC & Co. for malpractice and/or negligence . THAT would be an interesting can of worms to open up.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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