Why do you think that I am here voluntarily?" All of this has caught the fraud office off guard.
The bank, however, said it had no obligation to catch the Madoff fraud and that its custodian contract limited its obligations to "ministerial" duties.
The Senate Governmental Affairs committee dedicated almost one-fifth of its October report on Enron to the inability of the rating agencies to catch the Enron fraud.
Walmart's IPL and Tesco's Group Food Sourcing, which bypass middlemen and buy directly from producers, may be steps in that direction.Horses for coursesRetailers say auditors cannot be expected to catch the sort of fraud that may have let horsemeat into the burger chain.
Officials said some of the soldiers had been singled out because they were stationed in Iraq or Afghanistan where they would be slow to catch on to the fraud.
"What is our government going to do for us considering the S.E.C., who we pay to catch fraud, dropped the ball?" said Diane Peskin, who has gone back to work as a substitute teacher in Bethlehem, Pa., after losing her family's life savings with Mr. Madoff.
Yet the original FBI notes appear to reveal that he initially told them a different story.Take, for example, a couple of the alleged frauds that caught the attention of the public (in part because of Enron's use of "Star Wars -related names).
But given the facts in the Madoff case, it continued, relying on the final account statements to define investor losses, as Mr. Picard's opponents have demanded, would have been "impermissible" and "would have undermined" the fundamental goal of achieving "a fair allocation of the available resources among the customers" caught up in the fraud, the court said.
Is it reasonable to expect that the peer review process would catch such fraud?
The role of an investment bank "can be quite narrow," and it is up to accountants to catch possible fraud.
