Getting your player ready...
WASHINGTON — Lawmakers grilled Securities and Exchange Commission Chairman Mary Schapiro over what they called a breakdown in ethics that allowed the agency’s former top lawyer to work on policy related to the Bernard Madoff fraud after he inherited money from the Ponzi scheme.
Thursday’s hearing in Washington was called by members of the House Financial Services and Oversight and Government Reform committees to highlight a 119-page report issued earlier this week by the SEC’s inspector general.
The report concluded that the agency’s former general counsel, David Becker, might have violated criminal law by taking a lead role in deciding how Madoff investors should be compensated.
