Even the SEC Needs Legal Training

Bloomberg reports that the SEC is considering the prospect of establishing a "fraud college" to help staff detect "market abuses" like Bernard Madoff's $65 billion fraudulent ponzi scheme. Reasoning that such an educational program would be "particularly valuable," Commissioner Mary Schapiro noted that "[the] SEC is already training more than 300 examiners on ways to spot fraud after Madoff eluded the [agency] for more than 16 years."

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