SEC Enforcement Operation Under Scrutiny in Hearing
Lawmakers are examining the enforcement operation of the Securities and Exchange Commission and whether it is up to the task of policing the marketplace at a time of shattered investor confidence and financial upheaval.
The workings of the SEC's enforcement division have come under intense congressional scrutiny after revelations in December that the agency failed to detect the massive pyramid scheme run by money manager Bernard Madoff, despite red flags raised to its staff by outsiders over the course of a decade.
The Senate Banking subcommittee that oversees the SEC will hold a hearing Thursday afternoon on the agency's enforcement division. Among those testifying are Robert Khuzami, a former federal prosecutor who was installed as the SEC's enforcement director in February, and Richard Hillman, an official of the Government Accountability Office. [more]
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