October 31, 2009

SEC Probes of Madoff Were "A Nightmare"

Paul Smalera, The Big Money

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One day after big gains, the stock market was down with its worst drop in six months, reports the Washington Post. Thursday, investors thought that rising consumer spending levels were shoring up the economy and the GDP. Friday, new economic data showed the biggest spending decline in nine months. In other words, the comeback is on hold, at best. The paper also says investors are questioning whether stock prices have climbed too far, too fast in recent months, making any more run-ups dubious in nature. Further complicating the issue is the question of what the "real" economic picture looks like. One investment officer told the Post, "Investors are trying to look past that, the stimulus, to see what is it we're ultimately going to be left with after the government isn't there...

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TAGGED: Bernard Madoff, Securities and Exchange Commission

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