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17 Dec 2008
The Securities and Exchange Commission (SEC) said yesterday it would immediately open an internal investigation to find out why it failed to follow through on repeated warning signs over at least nine years about what has been described as Wall Street's biggest fraud ever.
Christopher Cox, SEC chairman, said the commission's initial findings were 'deeply troubling' because SEC had received 'credible and specific allegations' regarding Madoff's financial wrongdoing, but failed to respond aggressively.
'I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them,' he said.
In addition, the commission will investigate 'all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm.'
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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. 
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