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SEC peeks under private equity rug, finds 'remarkable' corruption
SEC peeks under private equity rug, finds 'remarkable' corruption

U.S. private equity firms, which today control a record $3.5 trillion in assets, fought ferociously against a Dodd-Frank reform provision requiring that they register with and submit to examinations by the Securities and Exchange Commission.  Now we know why.  In a report on the SEC's findings after a preliminary round of examinations, agency official Andrew J. Bowden described what he called a "remarkable" level of lawbreaking and cheating among the 150 private equity advisory firms inspected so far. Bowden delivered his report directly to the lions in their den, speaking at a May 6 private equity conference. "A private equity adviser is faced with...

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