February 10, 2009

Govt regulator to undergo "serious self evaluation"

Following the exposure of the Bernie Madoff ponzi scheme comes news that the enforcement chief of the Securities and Exchange Commission has quit.
Linda Chatman Thomsen announced Monday she will leave the agency, less than a week after members of the House Financial Service committee lambasted her over the SEC's bungling of the Madoff affair and for appearing uncooperative during a hearing on the matter.

New SEC Chairman Mary Shapiro has promised to overhaul the agency's enforcement efforts in light of the Madoff scandal, which erupted in December. At a speech in Washington Friday, she said the SEC would do some "serious self-evaluation."

Who regulates the regulator?