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As Madoff Scandal Wipes Out Charities and Foundations, SEC Admits it Missed Repeated Warnings on Historic $50B Financial Fraud

As Madoff Scandal Wipes Out Charities and Foundations, SEC Admits it Missed Repeated Warnings on Historic $50B Financial Fraud

The Securities and Exchange Commission has admitted it missed repeated opportunities to discover what may be the largest financial fraud in history, a multi-billion-dollar pyramid scheme operated by Wall Street legend Bernard Madoff. Now several non-profits and foundations are being forced to close, because their entire endowments have been wiped out. We speak to Robert Crane of the now-shuttered New York-based JEHT Foundation and ProPublica reporter Paul Kiel. [includes rush transcript]

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