Kucinich: Stanford scandal

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Kucinich2008

Fox Business News 2-21-09
Host: Tracy Byrnes and Dagen Mcdowell

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Congressman Dennis Kucinich
Washington, Feb 20, 2009

Chairman of Domestic Policy Subcommittee Opens Inquiry

Chairman of the Domestic Policy Subcommittee, Congressman Dennis Kucinich (D-OH) today sent a letter to Ms. Mary Schapiro, Chair of the Securities and Exchange Commission (SEC) requesting documents that could reveal which government agency told the SEC to “stand down” rather than take enforcement action against the Stanford Group in October 2006 as has been reported by the New York Times.

Recent media reports have indicated that the SEC was aware of improprieties at Stanford Financial Group as early as October 2006, but withheld action at the request of another government agency. In a report published in the February 17th edition of the New York Times, an SEC official said that an inquiry had been opened on Stanford in October of 2006. According to the Times report, an associate regional director of enforcement said the SEC “stood down” on its investigation as a result of the intervention of another federal agency.

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