SEC is struggling to deal with USA's increasingly complex financial industry
The inability of the Securities and Exchange Commission (SEC) to keep up with high-tech changes in USA's financial industry has been blamed for its failure to stop complex operators such as Madoff despite repeated warnings.
The agency was reportedly warned several times of Madoff's alleged fraud, but nothing happened, according to Associated Press.
'It's not a 21st century institution; they're all living on their past glory, which was great, but it's gone,' said Isaac Hunt, an agency commissioner from 1996 to 2002.
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