On Wall Street, Who's Watching the Watchdog?

The Securities and Exchange Commission over the past decade was repeatedly warned about a New York-based financial guru named Bernard Madoff who was apparently running a giant Ponzi scheme. During the same period, the regulatory agency was tipped off to a Dallas-based investment manager named R. Allen Stanford who was also believed to be orchestrating a massive fraud.

Madoff essentially turned himself in in late 2008 after the early stirrings of the financial crisis felled his house of cards, and federal investigators caught up with Stanford a short time later, but not before both men had allegedly bilked investors out of billions of dollars.

Reporters seeking documents from the SEC related to the failed investigations into these two scandals, ostensibly in an effort to determine what went wrong in an effort to prevent it from happening again, needed to file requests under the 40-year-old Freedom of Information Act, or FOIA.

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