July 9, 2009
Developments in the case
SEC EXEC OUT. Susan Markel, chief accountant at the
Securities and Exchange Commission is leaving for a job in corporate investigations at AlixPartners Llp, a turnaround consulting firm, the agency said. The SEC is under fire for ignoring allegations about Bernard Madoff's businesses. Her departure comes as President-elect Barack Obama's SEC chairman-designate, Mary Schapiro, is likely to face pressure to bring sweeping changes to the agency, said James Cox, a Duke University law professor and securities law expert. More high-level staff changes could be in the works, Cox said: For current staffers, it is often better "to leave on your own accord than to face the awkwardness of being asked to leave."
YESHIVA HURT. Yeshiva University said its net investment in a fund tied to Madoff was about $14.5 million, before inflation by "fictitious" profit, according to the school. In a statement from Ascot Partners, a channel to Madoff, Yeshiva's investment had been valued at $110 million.
Yeshiva's endowment value fell to $1.2 billion, from $1.7 billion last Jan.1, the school estimated. Madoff resigned as treasurer of Yeshiva's board of trustees and chairman of the school's Sy Syms School of Business.
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