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SEC Played ?Musical Chairs? While Wall Street Burned and Madoff Scammed

By Michael MacPhail, Esq.

         While Wall Street firms were busy bringing down the economy with risky mortgage-backed securities and Bernard Madoff?s epic Ponzi scheme was in its final stages, the SEC was involved in a dubious $3.9 million  ?restacking? project intended to improve communication among the staff at its palatial Washington, D.C. headquarters.  According to a March 31, 2009 report by the SEC?s Inspector General, SEC management made a large number of employees switch offices in an effort to group employees together by job function.              The IG?s Report concludes that the reorganization, which occurred in 2007 and 2008, was unnecessary and did not improve organization or communication...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on April 10, 2009 (boomark / email).