SEC bungled Madoff probes, agency watchdog says
The report by the SEC inspector general shows that no smoking gun of corruption was found in the agency's conduct toward the disgraced financier. Instead it painted a grim picture of an agency hobbled by incompetence - failing to pursue the most obvious leads - that cleared the way for Madoff to continue what could be the biggest Ponzi scheme in U.S. history for more than a decade.
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