Posted on 07/02/2009 10:19:41 AM PDT by Artemis Webb
WASHINGTON (Reuters) – A U.S. Securities and Exchange Commission lawyer warned about irregularities at Bernard Madoff's financial management firm as far back as 2004, The Washington Post reported on Thursday, citing agency documents and sources familiar with the investigation.
Genevievette Walker-Lightfoot, a lawyer in the SEC's Office of Compliance Inspections and Examinations, sent emails to a supervisor saying information provided by Madoff during her review didn't add up and suggesting a set of questions to ask his firm, the report said.
(snip)
The newspaper said the SEC staffer raised concerns about Madoff but, at the time, the SEC was under pressure to look for wrongdoing in the mutual fund industry. Walker-Lightfoot was told to focus on a separate probe into mutual funds, the report said.
One of Walker-Lightfoot's supervisors on the case was Eric Swanson, an assistant director of her department, the Post reported, citing two people familiar with the investigation.
Swanson later married Madoff's niece, and their relationship is now under review by the SEC inspector general, who is examining the agency's handling of the Madoff case, the Post reported.
Swanson, no longer with the agency, declined to comment, the Post said.
(Excerpt) Read more at news.yahoo.com ...
One of Walker-Lightfoot's supervisors on the case was Eric Swanson, an assistant director of her department, the Post reported, citing two people familiar with the investigation.
Swanson later married Madoff's niece, and their relationship is now under review by the SEC inspector general...
So, how long do you think it’s going to take before they “blame Bush”!?!!
It’s very simple.
If you work for an organization such as the SEC and you uncover something wrong or some possible abuse fraud or corruption, you become a whistleblower.
If your boss or bosses do nothing, you go to the press hopefully a journalist with an impeccable reputation and ask to remain an anonymous source. But you provide them with your suspicions or evidence.
Becoming a whisteblower is almost always a career ending move.
This whole thing is so scary. I work in the industry and we all depend on it.
But this went on for decades. That the SEC regulatory agency is THIS inept is stunning. I’m beginning to realize that we hang by a very thin thread. American society is not as solid as we thought.
I dont mean to be sarcastic but you are only now just figuring that out?????
BARF!
And although America has been rich only on paper for years, Obummer is bringing everything crashing down in just a few months. I hate to say it but rhe destruction to the country is very imminent.
Give her a Baby Ruth. . . . . . . .
Boy, you REALLY missed the point! It hasn’t been solid or solvent for DECADES!
Now for your stupid “duh” moment?
“Rich on paper” ain’t rich. We used to make things, now we make ledger entries.
Didn’t specify how many years in my post. Could have been ten years, twenty years or even thirty years.
Obama [for all I detest him] didn’t bring it down. You’re wrong.
I agree the decline started with Clinton then Bush but when Obummer took over he exacerbated it and put the destruction on the fast track.
We would have to do a complete one eighty now in order to reverse the course ahead of us and unfortunately that is not very likely to happen with this administration.
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