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| [00:00.00] | An investigation of United States |
| [00:04.71] | has found that the country's top financial regulator, |
| [00:06.89] | the Securities and the Exchange Commissioner SEC, |
| [00:10.25] | fail to uncover the 65 billion dollar fraud |
| [00:13.36] | carried out by the convicted financier Bernard Madoff |
| [00:16.47] | over a 16-year period, |
| [00:18.21] | despite 5 separate investigations |
| [00:20.64] | in his business dealings. |
| [00:21.94] | Greg Wood reports. |
| [00:23.50] | The report by the SEC's expected general David Kotz |
| [00:27.54] | reads like a catalog of bungled opportunities |
| [00:30.46] | to catch Bernard Madoff, |
| [00:32.21] | long before he owned up |
| [00:33.70] | to the largest fraud in US history. |
| [00:35.63] | He was investigated five times. |
| [00:37.74] | SEC staff caught him in lies |
| [00:40.35] | but failed to follow them up. |
| [00:42.03] | They rejected offers from whistleblowers |
| [00:44.15] | to provide additional evidence. |
| [00:46.02] | Many of the investigators were inexperienced. |
| [00:48.44] | The scale of the SEC's incompetence |
| [00:51.30] | is laid bare by this report. |
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