The Securities and Exchange Commission gave no real reason for compliance chief Lori A. Richards' resignation yesterday that ended her 20-year career (she was earlier the head of SEC's LA office, and an adviser to Clinton SEC chief Arthur Levitt). But Joe Morris, writing in Financial Times' www.ignites.com, says SEC's failure under Richards' watch to stop the $65 billion Bernard Madoff fraud, despite warnings, inspections and signs, "tainted" Richards' reputation, beyond repair.
Writes Morris, "Richards was among several SEC officials criticized by lawmakers earlier this year over the agency's failure to spot Madoff's $65 billion Ponzi scheme despite carrying out reviews in 2004 and 2005. Former enforcement chief Linda Thomsen stepped down soon after a Capitol Hill grilling.
"A Washington Post report last week revealed that (an SEC compliance) investigator had raised suspicions about Madoff's firm as far back as 2004 but was reassigned to inspect the mutual fund industry.
"The departure gives the agency a clean slate on the Madoff scandal, allowing Schapiro to say that all of those involved are now gone.. ..Richards's exit may also pave the way for a reorganization or even dismantling" of the Office of Compliance, Inspections and Examinations, which Richards headed. "Several former SEC chiefs have considered doing away with the office but backed down amid opposition from Richards," Morris added, citing the Post.
Can SEC fix itself?
- Bloomberg News
- New York Times Dealbook
- Washington Post Economy Watch
- U.S. propaganda
- Dealbreaker
- Edgar SEC Filings
- Emma Bond Filings
- ACG Philadelphia Deals and Dealmakers
- Seeking Alpha CEO call transcripts
- FCC Documents on Comcast-NBC Universal merger
- Jones Philadelphia Skyline Report
- Grubb Business Real Estate
- Studley Business Real Estate
- Plan Philly
- Penn Praxis
- Technically Philly
- Llenrock real estate blog
- Pennsylvania state budget
- New Jersey state budget
- Philadelphia city budgets
- Delaware 2010 budget
- U.S. budget
- Pennsylvania State Employees Retirement System
- February
- January
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- News | Sports | Business | What's Happening | Restaurants & Food | Entertainment | Living | Marketplace | Jobs
