SEC Lawyer Clams Up On Madoff Scandal, Cites Executive Privilege

03/07/2009 05:12 am ET | Updated May 25, 2011

Following the scorching Congressional testimony from whistleblower Harry Markopolos, who spent eight fruitless years trying to bring the Madoff scandal to light, Securities and Exchange officials today declined to answer many basic questions.

A particularly contentious exchange took place between Rep. Gary Ackerman and the SEC's acting general counsel, Andy Vollmer.

In response to Mr. Vollmer's refusal to answer questions, Mr. Ackerman asks three times whether the Bush holdover was hiding behind executive branch immunity.

"Yes, in part," he finally answered.

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