TV News LIES

Sunday, Mar 01st

Last update10:00:03 PM GMT

You are here News Economy Eight SEC employees disciplined on failure to stop Madoff fraud

Eight SEC employees disciplined on failure to stop Madoff fraud

E-mail Print PDF

Securities & Exchange CommissionThe Securities and Exchange Commission, which failed to stop Bernard Madoff’s long-running investment fraud despite repeated warnings, has disciplined eight agency employees over their handling of the matter but did not fire anyone, according to a SEC spokesman.

A ninth employee, who was facing a potential seven-day suspension, resigned before disciplinary action was taken, spokesman John Nester said.

The SEC’s head of human resources had recommended that SEC Chairman Mary L. Schapiro fire one individual, according to an official involved in the process. The human resources head took that position after a law firm hired by the SEC to advise it on the disciplinary actions also recommended that the employee be fired, the official said.

The law firm, Fortney & Scott, “recommended formal disciplinary action, including removal from service,” for an assistant regional director at the SEC, the agency’s inspector general said in an August report.

The punishments given the employees varied and included suspensions, pay cuts and demotions. An employee who received one of the most severe sanctions got a 30-day suspension along with a reduction in pay and grade.

TVNL Comment: Wow.  Were some of these crooks sent to 'time out' as well?  What a disgrace that no one was fired or prosecuted.  The one percent win again.

More...


Most Recent Related Stories...


IRS Audits of High-Income U.S. Households Drop to 6-Year Low

tax auditThe U.S. Internal Revenue Service, struggling with a smaller budget, audited 7.5 percent of households with...

HSBC Got Away With Buying Cocaine Plane

HSBC Cocaine planeWhile the Justice Department was busy prosecuting American HSBC customers for tax evasion, it has taken...

Walmart Gives 500,000 Workers A Raise

walmartIn a move that could alter the minimum wage debate and improve the image of the...

A more robust US job market adds 257K positions as pay jumps

jobs increaseU.S. employers added a vigorous 257,000 jobs in January, and wages jumped by the most in...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!