Whistleblower Blasts SEC over Handling of Madoff

by Deb Cupples |  None of this is surprising because President Bush was averse to orporate regulation and accountability. He appointed Harvey Pitt to the SEC, for example: a man who was very accounting-industry friendly before Enron imploded under massive accounting fraud, partly which was enabled by politicians and regulators who weren't to keen on corporate regulation and accountability.  Truthout reports:

"The man who waged a decade-long campaign to alert regulators to problems in the operations of fallen money manager Bernard Madoff told Congress today that he had feared for his physical safety.

"Harry Markopolos also assailed the Securities and Exchange Commission in his first appearance before lawmakers. The SEC failed to act despite receiving credible allegations of fraud from Markopolos about Madoff's operations over a decade....

"'The SEC is ... captive to the industry it regulates and is afraid' to bring big cases against prominent individuals, Markopolos asserted. The agency 'roars like a lion and bites like a flea' and 'is busy protecting the big financial predators from investors,' he said."

See the rest of the story here.