Scoping | 07.02.09

• Staffer at SEC Had Warned Of Madoff - "An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff's financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation." [Washington Post]
• SEC scraps brokers’ votes in board elections - "In a move hailed as a victory by activist investors, the Securities and Exchange Commission on Wednesday scrapped a controversial 72-year-old rule that allowed broker-dealers to vote in corporate director elections on behalf of their clients without specific instructions. The change, first proposed by the New York Stock Exchange three years ago, comes amid public anger over lax oversight of companies taking on excessive risk." [FT.com]
• Payrolls Fall More Than Forecast, Unemployment Rises - "Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound in household purchases, analysts said." [Bloomberg]
  

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