House committee plans investigative hearings on SEC's Madoff slip-up

09/4/2009 | Reuters

Rep. Edolphus Towns, chairman of the House Oversight and Government Reform Committee, announced plans to convene hearings on the Securities and Exchange Commission's failure to catch Bernard Madoff's major Ponzi scheme in spite of clues. "These repeated failures raise serious questions about SEC's internal culture and monitoring, the possibility of regulatory capture and the wisdom of the self-correcting market paradigm," Towns wrote in a letter.

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