Where was the Securities and Exchange Commission in the Madoff mess? The failure to spot the world’s biggest Ponzi scheme “is yet another black mark for the SEC and Chairman Christopher Cox,” Seeking Alpha’s Jeff Miller writes. Although Obama could appoint a new chairman before Cox’s term ends in June 2010, and Cox is being hammered for “not going after the budget authority needed to fulfill the enforcement responsibility…The issues facing the SEC are deeper than just the personnel,” according to Miller.
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