Tags: SEC Chair Admits Misstep on Madoff Ethics Issue

SEC Chair Admits Misstep on Madoff Ethics Issue

Thursday, 10 Mar 2011 03:33 PM

U.S. Securities and Exchange Commission Chairman Mary Schapiro told lawmakers Thursday that she realizes the SEC should have gone beyond what is required under ethics rules after the agency's top attorney disclosed his mother had invested with Bernard Madoff.

Schapiro discussed the issue before the House Oversight Committee, which is probing whether former SEC General Counsel David Becker should have recused himself from advising the SEC on Madoff matters, including how to compensate victims. Becker had inherited money from his late mother, who had invested with Madoff. Becker has told lawmakers he was given the green light to work on Madoff matters from the SEC's ethics attorney.

"While Mr. Becker did solicit and follow advice from the ethics counsel, I realize in light of this incident that as chairman I have to ensure that we go beyond what may be required in any particular situation," Schapiro said.

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