Congress Hears On Madoff Today

As we reported last week, the House Financial Services Committee will convene a hearing at 2pm today on the Madoff scandal. The full title of the hearing is: "Assessing the Madoff Ponzi and the Need for Regulatory Reform."

Set to appear as witnesses at the hearing are SEC Inspector General David Kotz, Securities Investor Protection Corp. President Stephen Harbeck, investor Allan Goldstein, former Paloma Partners hedge fund executive Leon Metzger, and Boston Univ. Law Professor Tamar Frankel. Harry Markopolos, who previously worked at a competitor to Madoff and sent an extensive written memorandum to the SEC alleging activities at Madoff were at best front running, and at worst a Ponzi scheme, was reportedly invited to testify at the hearing today, but has cancelled due to illness, according to David Scheer and Ian Katz of Bloomberg, in their article today, SEC Must ‘Defend Its Existence’ After Madoff Lapses.

Former SEC Chairman Arthur Levitt has an oped in today's Wall Street Journal, and there were other articles and blog posts of interest in the past few days on the Madoff story. Read more here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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