Wednesday, 22 October 2014
Last updated 1 hour ago
Feb 28 2011 | 10:27am ET
A trio of congressman want to know why the Securities and Exchange Commission's top lawyer was allowed to participate in the Bernard Madoff investigation even though his family was an alleged beneficiary of it.
Reps. Spencer Bachus (R-Ala.), Randy Neugebauer (R-Texas), Scott Garrett (R-N.J.) and Jeb Hensarling (R-Texas) demanded that SEC Chairman Mary Schapiro provide information about David Becker's role in the probe. Becker and his brothers inherited about $2 million from their mother's investment with Madoff, and he learned earlier this month that he had been sued by court-appointed receiver Irving Picard, who is seeking $1.5 million in bogus profits from Becker and his brothers.
Becker, the SEC's outgoing general counsel, brought the matter up to the SEC ethics office in 2009, the year he rejoined the agency and five years after receiving the inheritance, but was told he didn't need to recuse himself. Becker is said to have never met with Madoff.
The congressmen are skeptical, to say the least, demanding records of "all meetings" by Becker "with the Department of Justice, the Securities Investor Protection Corporation, Mr. Irving Picard or any Madoff victims."
Picard filed the lawsuit against David, William and Daniel Becker late last year.
The SEC said Becker's previously-announced departure from the agency had nothing to do with the Madoff case.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...