US House Panel To Hold Hearing On Alleged Madoff Fraud
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The House Financial Services Committee will hold a hearing next Monday on the alleged $50 billion Ponzi scheme carried out by New York financier Bernard L. Madoff.
Rep. Paul Kanjorski, D-Pa., said the hearing will help panel members tackle a rewrite of securities laws beginning next year.
"These proceedings will help us to discern whether or not the Securities and Exchange Commission had the resources needed to get the job done, how such a sizable scheme could have evaded detection for so long, and what new safeguards we need to put in place to protect investors," he said in a statement released by the committee.
The SEC is under fire for missing clues that might have uncovered the alleged fraud years ago. SEC Chairman Christopher Cox has ordered a government probe of the agency.
House Financial Services Chairman Barney Frank, D-Mass., has vowed to overhaul regulation of the financial industry beginning next year. Kanjorski, who is the chairman of the panel's subcommittee on capital markets, will oversee next week's hearing.
-By Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@dowjones.com
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Publié le 29 Décembre 2008 Copyright © 2008 Dowjones
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