Senators say SEC mishandled Pequot probe


Two senior senators said this week that the U.S. Securities and Exchange Commission mishandled its inquiry into possible insider trading by $7.3 billion Pequot Capital Management.

Senator Arlen Specter (R-Pa.), ranking member of the Senate Judiciary Committee, and Senator Charles Grassley (R-Iowa), ranking member of the Senate Finance Committee, accused the SEC of lax oversight in its 2005 investigation into Pequot, according to the Associated Press.

The comments came shortly before the release of an interim report by the Senate Judiciary and Finance Committees which concludes that the SEC not only mishandled the Pequot probe but may have also tried