Word: kotz
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...early February, Goldman provided Kotz's office with a list of 11 recommendations to fix the agency, including a 10% bounty on uncovering fraud, a retail-broker-trained commissioner, greater authority to jail or to levy severe financial penalties, and an online clearinghouse for complaints. In response, Heidi Steiber, senior counsel to Kotz, told Goldman that "many ideas were worthy of consideration...
...just lip service either. One central theme Kotz is working on for his recommendation reports is creating new fraud-finder incentives, both monetary and other...
...looks like a big focus will be in creating a new incentive structure so folks will come forward to the SEC when they know something," says Kotz. "We know people knew things about Madoff, but we don't know why they don't come...
...Kotz said his reports will have comprehensive recommendations, but warned that doesn't mean the agency will implement them. And though some fixes, a proposed rule to separate custodian accounts for hedge fund assets, may make it harder for thieves, smart fraudsters "will just begin to work in pairs; one will run the scam and the other will run the custodian operation," says Goldman...
...people like Markopolos and Goldman may have more answers than Kotz and his staff want to hear, but they are at least taking notes. "If Markopolos approached me, I might have thought he was a nut case," says Goldman, "But when you read his presentation, you would be forced to change your mind. It's very persuasive. People like us are different, that's why we do what we do. We are a little crazy, but we see harmful things and we want them stopped...