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SEC Chairman: Agency Examining Several Companies
The SEC is examining the actions of several companies in the run up to the financial crisis in 2008.
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WASHINGTON (March 17, 2010)--Securities and Exchange Commission Chairman Mary Schapiro said Wednesday the agency is investigating the actions of several companie in the run-up to the financial crisis of 2008.
Schapiro said, "It would be safe to assume" that the agency is looking very carefully at the conduct of a number of firms during this time.
Schapiro spoke in testimony to a House Appropriations subcommittee weighing the agency's request for about $1.3 billion for the budget year starting Oct. 1.
She didn’t name the companies.
Lawmakers want to know if the sort of accounting gimmick recently uncovered that was used by the collapsed giant Lehman Brothers to mask billions in debt was widely deployed on Wall Street.
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