|
|
22 Dec 2008
The inability of the Securities and Exchange Commission (SEC) to keep up with high-tech changes in USA's financial industry has been blamed for its failure to stop complex operators such as Madoff despite repeated warnings.
The agency was reportedly warned several times of Madoff's alleged fraud, but nothing happened, according to Associated Press.
'It's not a 21st century institution; they're all living on their past glory, which was great, but it's gone,' said Isaac Hunt, an agency commissioner from 1996 to 2002.
Regulating USA's 10,800 financial advisers is only one small part of SEC's responsibilities. Numbering 3567 employees, including clerical workers, it is a relatively small bureaucracy overwhelmed by its workload, others told AP.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment