This evening, the SEC posted the 477-page report of its Office of Inspector General, Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme - Public Version (SEC Office of Investigations Report No. OIG-509.) http://www.sec.gov/news/studies/2009/oig-509.pdf [2]

As noted in our earlier post, SEC OIG Report on Madoff: A Tale of Redemption, the release of an Executive Summary of the OIG report earlier this week was announced concurrent with a Statement by SEC Chairman Mary L. Schapiro of actions already underway to address shortfallings noted in the OIG report, in addition to a listing of 13 post-Madoff reforms underway at the SEC.

Congressional Hearings Scheduled; Self-Funded SEC A Possibility
Rep. Edolphus “Ed” Towns (D-NY), has promised to hold hearings on the SEC's handling of the Madoff affair, focusing in particular on the agencies funding and the level of experience and qualifications of its staff, among other things.

The Senate Banking Committee has already slated a hearing for Thurs. Sept. 10 on Oversight of the SEC’s Failure to Identify the Bernard L. Madoff Ponzi Scheme and How to Improve SEC Performance.

Separately, Sen. Charles Schumer (D-NY), a member of the Senate Banking Committee, issued a press release yesterday, with the broad-ranging title: In Wake of Explosive Report on Failure to Catch Madoff... Schumer Proposes Allowing SEC to Keep All Fees it Collects in Order to Afford Better-Trained Personnel -- Legislation Could Result in Near-Doubling of Agency Budget.

Read more about these developments here [3].