Criticism leveled at the Securities and Exchange Commission for its failure to detect Bernard Madoff’s ponzi scheme has had a chilling effect on the regulator, according to George Canellos, the New York regional director of the SEC. There’s now a reluctance within the SEC to drop investigations, Canellos said, speaking at the Dow Jones Compliance Symposium being held in Washington. “If you get bogged down in investigating everything to the ends of the earth, it prevents you from investigating other things…we’re operating in a triage environment,” he said. More in the Wall Street Journal here.
