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VOA标准英语2009年-US Lawmakers Probe Alleged Multi-Billion Dollar

时间:2009-01-14 01:59:16

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A U.S. congressional committee on Monday held the first of what is expected to be numerous hearings on an alleged1 massive financial fraud by New York asset manager Bernard Madoff.
 
Bernard Madoff (file photo)

Madoff is alleged to have defrauded2 billions of dollars from people who invested with his Wall Street asset management firm since the 1990s.

According to the Securities and Exchange Commission, or SEC, his activities became a massive fraud operation in which returns for existing investors4 were paid from funds from new investors rather than from actual profits.

As U.S. and global markets plunged5, and amid mounting investor3 requests to redeem6 their investments, Madoff revealed the scope and nature of his scheme to his two sons who contacted an attorney who alerted federal authorities.

On Monday, lawmakers on the House of Representatives Financial Services Committee focused on the damage inflicted7 on thousands of investors from the Madoff operation.

"It would be almost impossible to over-state the pain his scheme has caused," said New York Rep. Carolyn Maloney. Congressman8 Gregory Meeks added: "We're dealing9 with a crook10. We're dealing with an individual who took people's money and lost it. He is a crook; he deserves to go to jail."

There is bipartisan concern about the impact of the Madoff scandal on investor confidence, with Democrats11 and Republicans suggesting there were major failures by the Securities and Exchange Commission to stop it.

SEC Inspector12 General H. David Kotz pledged a thorough and comprehensive investigation13 to uncover the facts. He said the probe could expand into a more expansive look at SEC operations. "It is crucial for the commission, the Congress and the investing public that answers be given to the very serious questions regarding the SEC's efforts relating to Mr. Madoff in a prompt and swift manner," he said.

Stephen Harbeck heads the Securities Investor Protection Corporation, or SIPC, which was created by Congress in 1970 to provide financial protection to customers of failed brokerage firms. "This fraud was of a completely different order of magnitude in SIPIC's history," he said.

In addition to examining past complaints against Madoff, the SEC's David Kotz said the investigation will cover allegations of conflicts of interest between Madoff or his family members and SEC officials, whether warning signs were overlooked, and whether Madoff's reputation and social status in the investment community, had an affect on the SEC's actions.

Majority Democrats in the House of Representatives say they will push new legislation to strengthen financial market oversight14 and regulation.

On Monday, House Financial Services Committee Chairman Barney Frank said the damage inflicted by the Madoff scandal underscores the need for such steps. "This is one more example of why we need to adopt in this coming Congress a set of rules that will give investors in America the confidence that many of them have lost, unfortunately, because of these scandals and which has to be restored if we're to have a return to the prosperity that the market functioning well can give us," he said.

Ranking committee Republican Spencer Bachus said the Madoff affair and concern about similar frauds threaten to further undermine investor confidence as the government attempts to stabilize15 markets. "The Madoff affair is yet another indication that what is needed is a statutory and regulatory structure for the 21st century. We don't have that."

While the Madoff matter exposed regulatory failures, Bachus said he has not yet concluded there is a need for broad new legislative16 or regulatory mandates17 on the rest of the securities industry.

Madoff, who is 70 years old, was formally charged with securities fraud in December and is free on 10-million dollars bail18. He remain in his New York home under house arrest.


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1 alleged gzaz3i     
a.被指控的,嫌疑的
参考例句:
  • It was alleged that he had taken bribes while in office. 他被指称在任时收受贿赂。
  • alleged irregularities in the election campaign 被指称竞选运动中的不正当行为
2 defrauded 46b197145611d09ab7ea08b6701b776c     
v.诈取,骗取( defraud的过去式和过去分词 )
参考例句:
  • He defrauded his employers of thousands of dollars. 他诈取了他的雇主一大笔钱。 来自《简明英汉词典》
  • He defrauded them of their money. 他骗走了他们的钱。 来自辞典例句
3 investor aq4zNm     
n.投资者,投资人
参考例句:
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
4 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
5 plunged 06a599a54b33c9d941718dccc7739582     
v.颠簸( plunge的过去式和过去分词 );暴跌;骤降;突降
参考例句:
  • The train derailed and plunged into the river. 火车脱轨栽进了河里。
  • She lost her balance and plunged 100 feet to her death. 她没有站稳,从100英尺的高处跌下摔死了。
6 redeem zCbyH     
v.买回,赎回,挽回,恢复,履行(诺言等)
参考例句:
  • He had no way to redeem his furniture out of pawn.他无法赎回典当的家具。
  • The eyes redeem the face from ugliness.这双眼睛弥补了他其貌不扬之缺陷。
7 inflicted cd6137b3bb7ad543500a72a112c6680f     
把…强加给,使承受,遭受( inflict的过去式和过去分词 )
参考例句:
  • They inflicted a humiliating defeat on the home team. 他们使主队吃了一场很没面子的败仗。
  • Zoya heroically bore the torture that the Fascists inflicted upon her. 卓娅英勇地承受法西斯匪徒加在她身上的酷刑。
8 Congressman TvMzt7     
n.(美)国会议员
参考例句:
  • He related several anecdotes about his first years as a congressman.他讲述自己初任议员那几年的几则轶事。
  • The congressman is meditating a reply to his critics.这位国会议员正在考虑给他的批评者一个答复。
9 dealing NvjzWP     
n.经商方法,待人态度
参考例句:
  • This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
  • His fair dealing earned our confidence.他的诚实的行为获得我们的信任。
10 crook NnuyV     
v.使弯曲;n.小偷,骗子,贼;弯曲(处)
参考例句:
  • He demanded an apology from me for calling him a crook.我骂他骗子,他要我向他认错。
  • She was cradling a small parcel in the crook of her elbow.她用手臂挎着一个小包裹。
11 democrats 655beefefdcaf76097d489a3ff245f76     
n.民主主义者,民主人士( democrat的名词复数 )
参考例句:
  • The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
  • The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》
12 inspector q6kxH     
n.检查员,监察员,视察员
参考例句:
  • The inspector was interested in everything pertaining to the school.视察员对有关学校的一切都感兴趣。
  • The inspector was shining a flashlight onto the tickets.查票员打着手电筒查看车票。
13 investigation MRKzq     
n.调查,调查研究
参考例句:
  • In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
  • He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。
14 oversight WvgyJ     
n.勘漏,失察,疏忽
参考例句:
  • I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
  • Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。
15 stabilize PvuwZ     
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定
参考例句:
  • They are eager to stabilize currencies.他们急于稳定货币。
  • His blood pressure tended to stabilize.他的血压趋向稳定。
16 legislative K9hzG     
n.立法机构,立法权;adj.立法的,有立法权的
参考例句:
  • Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
  • Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。
17 mandates 2acac1276dba74275e1c7c1a20146ad9     
托管(mandate的第三人称单数形式)
参考例句:
  • Individual mandates would require all people to purchase health insurance. 个人托管要求所有人都要购买健康保险。
  • While I agree with those benefits, I'm not a supporter of mandates. 我同意上述好处,我不是授权软件的支持者。
18 bail Aupz4     
v.舀(水),保释;n.保证金,保释,保释人
参考例句:
  • One of the prisoner's friends offered to bail him out.犯人的一个朋友答应保释他出来。
  • She has been granted conditional bail.她被准予有条件保释。

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