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Rep. Posey Questions SEC Chair about Accountability for Madoff Blunder

Washington, Jul 20 -

At a Financial Services Subcommittee Hearing today, Congressman Bill Posey questioned the U.S. Securities & Exchange Commission (SEC) Chairwoman Mary Shapiro about what disciplinary action the SEC has taken against employee malfeasance in the Bernard Madoff case.



Video of Congressman Posey’s Q & A with the SEC Chairwoman can be seen HERE.



For more than a decade, the SEC ignored overwhelming evidence that now convicted investor Bernie Madoff was running history’s largest Ponzi scheme ever to the tune of $65 billion. It wasn’t until everything came crashing down that Madoff was turned in, charged and convicted despite evidence that private investors were suspicious as early as 1991 of Madoff's methods.