Thursday, September 23, 2010

Video: Improving SEC Performance: Senate Banking Hearing

The archived video (1 and 1/2 hour) of the Senate Banking Hearing, "Oversight of the SEC Inspector General’s Report on the ‘Investigation of the SEC’s Response to Concerns Regarding Robert Allen Stanford’s Alleged Ponzi Scheme’ and Improving SEC Performance" Wednesday, September 22, 2010, 10:00 AM - 12:30 PM.

The full 1 and 1/2 half hour Senate hearing video is available here.

Weblinks to the written prepared testimony are available here.

The Wall Street Journal is reporting that the SEC Inspector General H. David Kotz testified about the SEC's timing of the Goldman Sachs' lawsuit:
On the same day [as the Goldman Sachs' lawsuit], the SEC released a scathing report by Mr. Kotz that concluded the agency had repeatedly missed chances to detect an alleged $7 billion fraud run by R. Allen Stanford, a money manager indicted by a federal grand jury last year. Mr. Stanford denies wrongdoing.

At a Senate Banking Committee hearing Wednesday, Mr. Kotz was questioned about the timing of the Goldman suit. He responded: "It would strain credulity to think it was coincidental." He added: "I can't give you a conclusion right now, but it was suspicious."
The full Wall Street Journal article, "SEC Blasted on Goldman: Suit's Timing 'Suspicious,' Watchdog Says; Heat on Agencies as Crisis Cases Lag" is available here.


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