As discussed here, on July 14, 2009, SEC Chairman Mary Schapiro testified and answered questions at a House Financial Services Committee hearing (”SEC Oversight: Current State and Agenda“). At the hearing, Rep. Gary Ackerman of New York praised Schapiro for her accountability following a February 4, 2009 hearing that left both Congress and (according to Ackerman) Schapiro "aghast." At the February hearing, none of the five panelists present from the SEC were willing or able to answer Congress’ questions on how the SEC missed the Madoff scam. The SEC witnesses repeatedly stated that they could not answer that question because of an ongoing Inspector General investigation, which "frustrated [Ackerman] beyond belief."

At the subsequent July 2009 hearing, Ackerman applauded Schapiro for the fact that within a couple of weeks, two of the the panelists from the SEC "were gone from the agency,” which he said was a type of accountability that he had never seen in his 14 years in Congress.

The SEC witnesses at that fateful February 2009 hearing were:

* Ms. Linda Thomsen, Director, Division of Enforcement;* Mr. Andrew J. Donohue, Director, Division of Investment Management;* Mr. Erik Sirri, Director, Division of Trading and Markets;* Mr. Andy Vollmer, Acting General Counsel, U.S. Securities and Exchange Commission; and* Ms. Lori A. Richards, Director, Office of Compliance Inspections and Examinations

In the two weeks following the February 4 hearing, the SEC announced Linda Thomsen’s departure (February 9) and Andrew Vollmer’s departure (February 18). The SEC subsequently announced Erik Sirri’s departure on March 31, 2009, and Lori Richards’ departure on July 8, 2009. It has now been 18 months since the February 2009 hearing, and it seems unlikely that there is any connection at this point, but for the record: today, the last survivor from that hearing-- Donohue--announced that he will be leaving the SEC in November 2010.