In news that will undoubtedly cause victims of Bernard Madoff’s massive $150 billion Ponzi scheme to become outraged, an new report by the Securities and Exchange Commission shows that the SEC received six tips in the sixteen years leading up to Madoff’s confession concerning his scam. However, the SEC’s report alleges that the agency mishandled the inquiries and ignored several key factors in exposing Madoff’s guilt.
 
The SEC recently released a 450-page report that revealed the SEC’s knowledge of Madoff’s “lies and misrepresentations” dating all the way back to 1992. However, the report also revealed that the SEC failed in its …read more

Just as the financial crisis reached its climax, the public was outraged to discover the unbelievably excessive bonus compensations that many Wall Street executives were taking as the rest of the country suffered. Now, the House Financial Services Committee has approved a bill given federal regulators the power to ban incentive pay at banks and shareholders the ability to vote on bonuses.
 
Under the proposed legislation, the Securities Exchange Commission to prevent any compensation practices that would end up constituting excessive risk. However, the bill still must be approved by the House and the Senate before it gets viewed by the …read more