The Securities and Exchange Commission has received criticism for its incompetence in catching Bernie Madoff’s Ponzi scheme, and now it faces an investigation in Congress. The House Committee on Oversight and Government Reform will be calling in two key SEC players for a thorough grilling. David Becker, former general counsel for the SEC will have to answer questions regarding his involvement with Madoff as an investor, and SEC Chairman Mary Schapiro will have to answer why she allowed Becker to work on Madoff matters. Did the SEC have a conflict of interest in dealing with Madoff? Louise Story, Wall Street and finance reporter for The New York Times, has the details.
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