Saturday, March 5, 2011

Probing SEC Ethics

Former SEC General Counsel David Becker and his brothers inherited $2 million from his mother that came from an account that she had with Bernie Madoff. Given that the trustee for Madoff victims is seeking a return of funds from Becker and his brothers in a "clawback" case, it appears that Becker's mother pulled money out before the Ponzi scheme collapsed.

SEC Chairman Mary Schapiro has asked the SEC's Inspector General to open a probe into Becker's activities. She has done this, though, only after Republicans on Capitol Hill announced they were investigating Becker's personal financial involvement in the Madoff case, as well as the process by which the SEC's ethics office decided that it did not pose a conflict of interest for Becker to work on the Madoff case despite the money he received.

Yeah, I'll pop a little popcorn and watch how this one develops.

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