The Executive Summary of SEC Inspector General David Kotz's internal report on the agency's failings to uncover the Madoff fraud has been released on the SEC's site, describing in detail the investigative shortcomings in each of six complaints received by the SEC starting in June of 1992.

The 22-page report states that the Office of the Inspector General (OIG) did not find any evidence that SEC personnel working on examinations of investigations of Madoff's investment business had any "financial or inappropriate connection," with Madoff or the Madoff family that might have influenced their work.

But the report did find that the SEC "received more than ample information in the form of detailed and substantive complaints over the years to warrant a thorough and comprehensive examination and/or investigation of Bernard Madoff and BMIS for operating a Ponzi scheme, and that despite three examinations and two investigations being conducted, a thorough and competent investigation or examination was never performed."

The report goes on to detail each of the six complaints and the outcomes and or examinations resulting or not resulting from each. According to the report, during one examination by the SEC's Northeast Regional Office (NERO) junior examiners said that Madoff tried to impress and even intimidate them.

One examiner even noted, "throughout the examination, Bernard Madoff would drop the names of high-up people in the SEC." Madoff had also told them that Christopher Cox was going to be the next Chairman of the SEC a few weeks prior to Cox being officially named. He also told them that Madoff himself "was on the short list" to be the next Chairman of the SEC.

In addition the examiners said that when they wanted documents that Madoff didn't want to provide he became very angry and that his "veins were popping out of his neck" and he was repeatedly saying, "What are you looking for?....Front running. Aren't you looking for front running," and "his voice level got increasingly loud."