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DODD: WE MUST PREVENT ANOTHER MADOFF

September 2, 2009

HARTFORD, CT – Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement after the Securities and Exchange Commission released the executive summary of the SEC Inspector General’s report on how the agency handled the Madoff fraud.
 
“The Inspector General’s report lays out the string of massive regulatory failures and incompetent investigations at the SEC that led to unimaginable loss for so many.  It further reminds us how essential it is that we improve both financial regulation and the competence of the regulator,” said Dodd.  “The scope of Madoff’s fraud hurt thousands of investors, municipalities, charities, and individuals, many in my home state of Connecticut.  We will use this report to learn what went wrong and figure out how best to get things right.
 
“We will hold a hearing on the report next week, September 10th, to guide us as we continue our work on a bill to modernize financial regulations.”
 
You can read the SEC report online by clicking here: http://sec.gov/spotlight/secpostmadoffreforms/oig-509-exec-summary.pdf
 
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