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.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements