SEC Chair Fails to Disclose a Conflict in the Madoff Matter
Mary Schapiro, current chairman of the Securities and Exchange Commission,did not create all the problems at the SEC. Like many commissioners before her, she inherited most of them.
From a technologically backward process for reviewing corporate filings and an inability to detect fraud to an unwieldy management structure and a unionized, lawyer-heavy work force, the SEC has developed a reputation as an outdated bureaucracy unable to track its own finances and lacking in basic accountability ...