The identity crisis at the Securities and Exchange Commission took another lurch last week, with vows from the agency’s top internal watchdog that his staff will determine whether the SEC has enough resources and competence to investigate companies properly.
SEC Inspector General David Kotz appeared before the House Financial Services Committee to discuss the alleged $50 billion Ponzi scheme involving Wall Street money manager Bernard Madoff. The Madoff case has turned into a disaster for the SEC, amid allegations that Madoff critics voiced their concerns to the Commission for years with no follow up from SEC enforcement officials. Kotz told the ...