As most peple are well aware Bernard Madoff's $50 billion ponzi scheme has rocked the financial world. His business rendered penniless many private citizens. The range of legal proceedings is endless. This has caused most rational individuals to question whether to trust those who handle our money. While the courts are crowded with litigation of his fraud, the Executive branch of government involved, the Securities and Exchange Commission (SEC) has been critized for it's failure to research reports of criminal activity.
In responding to public fears, the SEC has recently announced it is creating a "Risk, Strategy and Financial Innovation Division". This new division is supposed to combine the Office of Economic Analysis and the Office of Risk Assessment. They are supposed to look at new develpoments and trends, risk, and regulatory issues. How does making two departments into one change the effect of those doing the job? If they had fully investigated in the first place we would have much less of a legal mess. Who has been held accountable for the oversight of the SEC? sectionhttp://legaltimes.typepad.com/blt/2009/09/sec-taps-derivatives-expert-for-new-division.html
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