"SEC under fire over Madoff failings" from the Financial Times reports that the inept Securities and Exchange Commission is once again under fire for failing to monitor the Bernard L. Madoff rip-off of the citizenry - while he gets off on bail.
It is also yet another black mark on the US regulatory regime, which has come under criticism during the financial crisis as numerous gaps and oversight weakness have been exposed.The alleged fraud pointed to “a systemic failure” and raised “fundamental questions” about the regulatory structure in the US, Bramdean Alternatives, a UK investment fund which invested with Mr Madoff, said in a statement over the weekend.
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