Word: inspectorate
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...billion CD sticky wicket to Bernie Madoff's $50 billion decades-long lie, it seems each new day brings another round of financial madness, and yet no one person or government agency seems to be moving fast to find a cure. But the Securities and Exchange Commission's Inspector General, David Kotz, is all ears for one group with answers: Wall Street's whistleblowers...
Then there's Laura Goldman, another lone voice in the wilderness of Wall Street enforcement. Goldman, who blew whistles on such notable investment frauds as First Jersey Securities, Bayou Hedge Fund and Lydia Capital, among others, now has the full attention of SEC Inspector Kotz's office. In all, Goldman says she has alerted the SEC over 30 times and, despite its cold shoulder, through one means or another she has seen 25 of those tips lead to fraud charges being filed...
While this was going on, SEC inspector-general David Kotz was huddled for several hours late last week with Madoff whistle-blower Harry Markopolos to learn about two new suspected frauds, or mini-Madoffs. Kotz is conducting an investigation into how the SEC missed the Madoff swindle for so long...
...born in India in 1936 and immigrated to Pakistan in 1952 where he attended college and worked briefly as a postal inspector. He then moved to Europe where he earned engineering and metallurgy degrees and studied nuclear power...
...TARP out the door - no doubt about it. The government didn't require banks to keep track of the money, report how they were spending it or loan it out to free up credit markets. But it's not all bad news. The fact that the special inspector general's office exists is an important sign that the Treasury Department realized the limits of its abilities. Recent and future TARP outlays have a whole new set of stringent reporting requirements. The inspector general's report doesn't give super-high marks to the program so far, but it does provide...