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SEC Watchdog Undertakes Wide-Ranging Madoff Review

WASHINGTON (AP) - The internal watchdog at the Securities and
Exchange Commission says an investigation of the agency's failure
to uncover the alleged $50 billion fraud involving Wall Street
figure Bernard Madoff will extend broadly to the
agency's enforcement operations.
Inspector General H. David Kotz is testifying before a House
panel examining the Madoff affair and the agency's failure to act
despite receiving complaints over a decade.
In prepared testimony for the Monday afternoon hearing, Kotz
said his office's probe will go beyond specific issues that SEC
Chairman Christopher Cox asked him to investigate. He said that it
also will examine the operations of the SEC's enforcement and
inspection divisions and will make recommendations.


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