SEC future 'in doubt' as Madoff faces jewelry probe - papers

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Politicians on Capitol Hill yesterday questioned whether America's main financial regulator has any future as the Securities and Exchange Commission (SEC) came under renewed attack for missing what is believed to be the world's biggest fraud, reports The Times.

The threat to the survival of the SEC came as it emerged that Bernard Madoff has violated the terms of his bail conditions by posting jewellery worth $1 million (£680,000) to family members and friends while under 24-hour house arrest. The measure constitutes a breach because it is perceived as a possible attempt to hide his remaining assets from liquidators. THE INVESTOR WHO HELPED John Paulson to make $15 billion from predicting the US sub-prime mortgage crisis has left Paulson & Co, the hedge fund manager, to set up his own fund, reports The Times. Paolo Pellegrini was the right-ha...

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