THE SEC'S MADOFF MISERY.

This article discusses the implications of an alleged Ponzi scheme run by financier Bernard L. Madoff for the U.S. Securities and Exchange Commission (SEC). Claims that the SEC is understaffed and unable to seriously investigate the investment policies of a company like Madoff's are analysed. The positions of companies such as the accounting firm Avellino & Bienes, which raised funds for Madoff during an earlier SEC investigation of his dealings, are also considered.