Bernie Madoff–Sec Chairman?
Although SEC Inspector General David Kotz’s exhaustive 450-page report on why the SEC failed to uncover Bernie Madoff’s Ponzi scheme has not yet been released, the executive summary makes abundantly clear that the agency bungled numerous investigations and failed to heed numerous warnings about Madoff’s dubious activities.
The summary also contains a nugget that, if true, is frightening beyond belief. Madoff apparently confided to an investigator that he was on the short list of replacements for SEC Chairman William Donaldson and that Christopher Cox would get the job weeks before the appointment was publicly announced.
This matter is worthy of further investigation.
Jacob ("Jake") H. Zamansky is one of the country’s foremost authorities on securities arbitration law, the legal recourse for investors claiming broker wrongdoing, or for brokers claiming wrongful termination or other misconduct by their employer. Zamansky & Associates, the New York-based law firm he founded, represents both individuals and institutions in complex securities, hedge fund, and employment arbitrations.
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