• Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
Tuesday, October 14, 2025
Illinois Review
  • Login
  • Register
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
No Result
View All Result
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • US NEWS
  • America First
  • Opinion
  • World News
  • Second Amendment
No Result
View All Result
Illinois Review
No Result
View All Result
Home Illinois Politics

Hultgren: How to stop the next Bernie Madoff

Illinois Review by Illinois Review
August 16, 2016
in Illinois Politics, US Politics
Reading Time: 2 mins read
A A
4
26
SHARES
436
VIEWS
Share on FacebookShare on Twitter

130516124444-bernie-madoff-interview-1024x576

You might also like

PillowGate: McCombie and Norine Hammond Face Growing Backlash Over Taxpayer Spending and Political Favoritism

Opinion: Harmeet Dhillon Makes History in Illinois Gun Ban Battle

Pritzker Overspends by $547 Million on Free Health Care for Illegal Aliens – Total Cost to Taxpayers Tops $2.5 Billion

By Congressman Randy Hultgren - 

During the fallout of the Madoff Ponzi scheme, the Securities and Exchange Commission’s inspector general issued a scathing report on why the agency failed to detect the massive fraud. One of its most damning findings was that multiple SEC offices simultaneously scrutinized Madoff without even realizing it.

From 1992 to 2008, the SEC received at least six complaints about Madoff’s firm that should have outed his fraud. The agency conducted two investigations and three examinations over the years. But the left hand didn’t know what the right was doing. At one point, according to the inspector general, two examinations “were open at the same time in different offices without either knowing the other one was conducting an identical examination.” Madoff slipped through the cracks, and Americans lost billions of dollars.

This fraudster was able to fool financial regulators because they are still using 1930s pen and paper technology to handle today’s digital challenges. This hurts investors, markets and the regulators’ own missions. And that’s why, along with some 34 other members of the House of Representatives, I am sponsor of the Financial Transparency Act, HR 2477.

For the most part, the major regulators collect information as plain‐text documents, rather than searchable, open data. Many of these documents date back to post-stock market crash compliance regulations passed during the Great Depression…

READ THE REST: https://www.theguardian.com/commentisfree/2016/aug/16/how-to-stop-the-next-bernie-madoff

Related

Tags: Bernie MadoffIllinois ReviewRandy Hultgren
Share10Tweet7
Previous Post

Matt Murphy makes it official … resigning IL Senate as of Sept 15

Next Post

Aetna to drop 2017 individual Obamacare plans in Illinois, 10 other states

Illinois Review

Illinois Review

Founded in 2005, Illinois Review is the leading perspective and source of conservative news, opinion and information in Illinois. Follow Illinois Review on X at @IllinoisReview.

Recommended For You

PillowGate: McCombie and Norine Hammond Face Growing Backlash Over Taxpayer Spending and Political Favoritism

by Illinois Review
October 14, 2025
0
PillowGate: McCombie and Norine Hammond Face Growing Backlash Over Taxpayer Spending and Political Favoritism

By Illinois ReviewA new controversy is stirring within the Illinois Republican Party – one that threatens to undermine its message about fighting corruption and protecting taxpayers. State Rep....

Read moreDetails

Opinion: Harmeet Dhillon Makes History in Illinois Gun Ban Battle

by Illinois Review
October 14, 2025
0
Opinion: Harmeet Dhillon Makes History in Illinois Gun Ban Battle

By Richard Pearson, Executive Director, Illinois State Rifle AssociationIn September, Illinois witnessed a moment that will be remembered for generations. For the first time in history, the United...

Read moreDetails

Pritzker Overspends by $547 Million on Free Health Care for Illegal Aliens – Total Cost to Taxpayers Tops $2.5 Billion

by Illinois Review
October 14, 2025
0
Pritzker Overspends by $547 Million on Free Health Care for Illegal Aliens – Total Cost to Taxpayers Tops $2.5 Billion

By Illinois ReviewIllinois taxpayers have quietly shelled out more than $1.6 billion – and counting – for free health care to illegal aliens under Gov. JB Pritzker’s “migrant...

Read moreDetails

Mayor Johnson Protected by 150 Chicago Cops While Claiming City Is ‘Safe’

by Illinois Review
October 12, 2025
0
Mayor Johnson Protected by 150 Chicago Cops While Claiming City Is ‘Safe’

By Illinois ReviewMayor Brandon Johnson keeps telling Chicago residents their city is “safe.” But his actions tell a very different story.Despite his public confidence, reports indicate that Mayor...

Read moreDetails

Federal Officials: WGN Producer Arrested for Allegedly Assaulting ICE Agents, Not for Reporting

by Illinois Review
October 12, 2025
0
Federal Officials: WGN Producer Arrested for Allegedly Assaulting ICE Agents, Not for Reporting

By Illinois ReviewConfusion and conflicting accounts have followed the arrest of a WGN-TV employee during a federal immigration enforcement operation in Chicago – an incident that has raised...

Read moreDetails
Next Post

Aetna to drop 2017 individual Obamacare plans in Illinois, 10 other states

Please login to join discussion

Best Dental Group

Related News

IL Freedom Caucus calls on Lurie Children’s Hospital to cease gender services for kids

October 27, 2022

Beckman: Is the Brigham Young University racial slur controversy another hoax?

October 27, 2022

Salvi polling shows closer race

October 27, 2022

Browse by Category

  • America First
  • Education
  • Faith & Family
  • Foreign Policy
  • Health Care
  • Illinois News
  • Illinois Politics
  • Opinion
  • Science
  • Second Amendment
  • TRENDING
  • US NEWS
  • US Politics
  • World News
Illinois Review

llinois Review LLC Editor-in-Chief Mark Vargas General Counsel Scott Kaspar Copyright © 2025 IR Media Corp., all rights reserved.

Navigate Site

  • Checkout
  • Home
  • Home – mobile
  • Login/Register
  • Login/Register
  • My account
  • My Account-
  • My Account- – mobile

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Illinois News
  • Illinois Politics
  • US Politics
  • Health Care
  • US NEWS
  • America First
  • Opinion
  • TRENDING
  • Education
  • Foreign Policy
  • Second Amendment
  • Faith & Family
  • Science
  • World News

llinois Review LLC Editor-in-Chief Mark Vargas General Counsel Scott Kaspar Copyright © 2025 IR Media Corp., all rights reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?