Analysis Of Bernie Madoff s The Wall - amazonia.fiocruz.br

Analysis Of Bernie Madoff s The Wall Video

Sorry, that: Analysis Of Bernie Madoff s The Wall

The most recent contribution to the broadening canvas of dysfunction and incompetence surrounding the SEC is a whistleblower complaint filed by year-old Kathleen Furey, a senior lawyer who worked in the New York Regional Office NYROthe agency outpost with direct jurisdiction over Wall Street. There are four main laws that the SEC uses to regulate the financial sector.

At least as far as numbers go, the agency has a fairly extensive record of enforcement actions with the first two, which are aimed at the securities Msdoff.

The second is the Securities Exchange Act ofwhich governs securities already issued, and includes the laws barring insider trading. Both of these laws are primarily intended to prevent fraud in the securities markets. Somebody like Bernie Madoff, who took billions from investors and simply stole the money instead of investing, would largely be regulated under the latter two acts. She steadily rose within the agency and was promoted three times over the next three years. Then inFurey started work on a case that involved Value Linea Analysis Of Bernie Madoff s The Wall family of mutual funds that was being accused of charging tens of millions of dollars in bogus commissions.

When she tried to take that next step in the Value Line case, Furey says she was denied. Out of those 60 cases, only one, the Value Line investigation opened on April 18,was an Investment Management case.

Navigation menu

Even more damning, however, was the reaction after the Madoff story broke, toward the tail end of The scandal was incredibly embarrassing to the SEC, which had failed to investigate Madoff despite being tipped off in extraordinarily detailed fashion by investigator Harry Markopolos over eight years before. It came out that Madoff had not merely stolen from his clients but not conducted any trades at all, simply bilking money in the most primitive conceivable Ponzi scheme.

So how did the agency respond? But that case was charged in Marchright after the Madoff story broke.

Product Information

This was completely consistent with what Furey had claimed, that her group had essentially not pursued IM cases until after Madoff. The only references to the IAA in the entire case were two totally extraneous facts. Two was that Dunn, as a condition of his punishment, agreed to be barred from Analysis Of Bernie Madoff s The Wall affiliations with any registered broker-dealer or investment adviser in Thd future. The fact that the SEC would try to discredit Furey and sell Berie own sterling record of investigating investment management cases by citing the same troubled investigation that had caused Furey to blow the whistle in the first place should tell you a lot about how disorganized the agency now seems to be.

What is highly relevant is that Furey was unquestionably on record — in emails and other complaints — complaining about the lack of action in this arena even before the Madoff story broke.

Moreover, when Furey in asked then-NYRO director George Source if her career was being held back by her whistleblowing, he gave an interesting answer. Furey received a perfect score of 1, out of 1, from the outside auditor, who agreed that she was working at the SK level and recommended that, if she remained in that position, she be promoted. The SEC, meanwhile, contends that Furey only temporarily held the higher position, filling a spot vacated by a promoted official, and that the agency had to demote her.]