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Solutions to 17-year-old problem coming in next 45 days?
September 29, 2009 - Mike Maneval
H. David Kotz, inspector general of the Securities and Exchange Commission, rolled out a number of proposals Tuesday for improving how the oversight authority responds to tips. The New York Times' Zachary Kouwe reports "many on Wall Street and in Washington were surprised that some of Mr. Kotz's proposals, like recording interviews with witnesses and creating a database for tips and complaints, were not already part of the SEC's standard practice."
The proposals by Kotz, prompted by the crimes of Ponzi-scheme architect Bernie Madoff, totalled 58 recommendations to two offices within the SEC. Tips which could've led to Madoff's crimes being uncovered began to arrive at the SEC as early as 1992.
The two offices, the Division of Enforcement and the Inspections and Examinations Office, are expected to detail in 45 days how the recommendations will be carried forward.
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