Madoff may force the SEC to re-evaluate enforcement unit
[Posted on January 5, 2009 at 5:49 PM]
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Filed under: Editor's Choice | Hedge Clipper | Politics | Regulatory | Scandal
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Filed under: Editor's Choice | Hedge Clipper | Politics | Regulatory | Scandal
While alleged fraudster Bernard L. Madoff was pleading with a judge in New York not to revoke his bail Monday, the Securities and Exchange Commission was feeling the wrath of Capitol Hill lawmakers on the House Financial Services Committee, which was holding hearings in to the failure of government regulators to identify and stop Madoff's alleged $50 billion Ponzi scheme.
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Move over Toyota Motor Corp., Honda Motor Co., Ford Motor Co. and General Motors Corp. because there's a carmaker that actually made money in the U.S. last year: Subaru of America Inc.
While Bernard Madoff, the fund manager accused of a massive Ponzi scheme, went unnoticed by authorities for years -- maybe even decades -- now he just can't help but get caught with his hands in the cookie jar. The newest poster child for greed is in danger of getting his $10 million bail revoked after the government said it caught him transferring $1 million in valuables. 
CNBC on-air editor Charlie Gasparino's 
As the first of what promises to be one of many congressional hearings into the alleged $50 billion Bernard Madoff scandal in Washington, Rep. Brad Sherman, D-Calif., 
President and CEO of Tyson Foods Inc., Dick Bond, has 
After helping Paulson & Co. (the hedge fund, not the guys running the Treasury) make a tidy $3 billion profit from the collapse of the U.S. real estate market in 2007, Paolo Pellegrini is leaving to start his own shop. 
Bookstore chain Borders Group Inc. culminated a rough 2008 with an announcement Monday that it hired a new CEO following a sales drop of 14.4% during the holiday season compared to the same period in 2007. The numbers likely prompted the executive change, but the move may be too little too late. With the economy reeling and discretionary income low, many speculate the next move for Borders maybe a Chapter 11 filing. 
The list of those defrauded by Bernard Madoff's massive, alleged Ponzi scheme is long and illustrious, but there are some names conspicuously absent from it: those of the major Wall Street banks ... and it may not be an accident, either. 
