“Securities and Exchange Commission Chairman Mary Schapiro warned yesterday that the agency will “make significant cuts in its current operations” this year unless Congress authorizes it to spend more money.
Responding to concerns that the agency failed to detect the alleged Bernard L. Madoff fraud, Schapiro said the SEC is working to improve collection of tips and complaints and detect wrongdoing early on.
“I do not believe it would be wise for the SEC to retrench during such perilous times in our markets,” she told a House appropriations subcommittee.”
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CAF Note: So, someone made off with $68 billion, no doubt gave a small amount to Congress, Bernie took the fall with no information becoming public and the SEC is busy fighting for their lives rather than doing their job? Score one for the NWO, zero for Madoff’s investors and small investors everywhere.
