Schapiro: SEC testimony not satisfactory

Feb 5, 2009 @ 4:09 pm

By Dan Jamieson

Securities and Exchange Commission Chairman Mary Schapiro has offered an apology of sorts for the testimony of SEC officials before a House subcommittee hearing yesterday that was looking at the SEC's role in the alleged Bernard Madoff fraud.

“Today's testimony before your subcommittee could not have been satisfactory,” Ms. Schapiro wrote Wednesday in a letter to Rep. Paul Kanjorski, D-Pa., the chairman, and Rep. Scott Garrett, R-N.J., the ranking member of the House subcommittee on capital markets.

Ms. Schapiro sent the letter after a panel of top SEC officials refused to answer specific questions from panel members about the Madoff case, citing ongoing investigations. At one point during the hearing, SEC acting general counsel Andy Vollmer cited executive privilege and other privileges in declining to answer some questions.

That claim caused a sharp rebuke from committee members.

Executive privilege “was not claimed ... by anybody” at the hearing, said SEC spokesman John Heine today.

Ms. Schapiro promised to work with the subcommittee to provide information without compromising investigations.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Why some retirement plan advisers think Fidelity is invading their turf

InvestmentNews editor Frederick P. Gabriel Jr. and reporter Greg Iacurci talk about this week's cover story that looks at whether Fidelity Investments is stepping on the toes of retirement plan advisers.

Latest news & opinion

Broker protocol: Indecision over recruiting agreement is rampant

Ruckus over recruiting agreement has even wirehouse lifers wondering if it's time

Cetera reportedly exploring $1.5 billion sale

The company confirmed it's talking to investment bankers to 'explore how to best optimize [its] capital structure at lower costs.'

Advisers bemoan LPL's technology platform change

Those in a private LinkedIn chat room were sounding off about fears the independent broker-dealer will require a move to ClientWorks before it is fully ready.

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

UBS brokers must sign a 12-month non-solicit agreement if they want their 2017 bonuses.

Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

Legislation requires brokers to act in the best interests of clients.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print