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US watchdog under fire over oil reserves scandal

The Times: US watchdog under fire over oil reserves scandal

“House Committee on Financial Services convened a hearing on the Shell reserves scandal.”

By Carl Mortished, International Business Editor

July 22, 2004

AMERICA’S stock market regulator, the Securities and Exchange Commission, has come under fire from US congressional leaders over its handling of the oil reserves reporting scandal.

John Dingell, a senior member of the House Energy and Commerce Committee, has attacked the SEC’s inaction over reserves writedowns at Shell and El Paso Energy. In a terse letter to William Donaldson, the SEC chairman, he expresses concern over the weak response by SEC staff in a memorandum written following the Congressman’s questions on oil reserves reporting. Mr Dingell writes: “I am underwhelmed, if not outright troubled by the staff resources and level of review that the memorandum indicates is given to these critical matters.” read more and its sister non-profit websites,,,,,, and are owned by John Donovan. There is also a Wikipedia feature.