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An investigation of United States |
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has found that the country's top financial regulator, |
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the Securities and the Exchange Commissioner SEC, |
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fail to uncover the 65 billion dollar fraud |
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carried out by the convicted financier Bernard Madoff |
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over a 16-year period, |
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despite 5 separate investigations |
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in his business dealings. |
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Greg Wood reports. |
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The report by the SEC's expected general David Kotz |
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reads like a catalog of bungled opportunities |
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to catch Bernard Madoff, |
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long before he owned up |
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to the largest fraud in US history. |
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He was investigated five times. |
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SEC staff caught him in lies |
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but failed to follow them up. |
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They rejected offers from whistleblowers |
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to provide additional evidence. |
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Many of the investigators were inexperienced. |
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The scale of the SEC's incompetence |
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is laid bare by this report. |