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From AP:
The watchdog of the Securities and Exchange Commission has found that three agency exams and two investigations of Bernard Madoff's business were incompetent, despite ample warnings of the multibillion-dollar fraud.
SEC inspector general David Kotz found no evidence of any improper ties between agency officials and Madoff. Just incompetence, as well as inexperience in dealing with fraud cases.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.