Briefly Noted: we knew this would end in tears

The Washington Post reports that the Treasury's top TARP watchdog is getting ready to ask companies that got TARP money to report how they've used it: "Once he makes the request, Neil M. Barofsky said the firms would have 30 days to comply."

The SEC has released two new Compliance and Disclosure Interpretations. They're in Q&A format and they "comprise the Division’s interpretations of the rules" One covers Securities Act Rules and the other is about going private transactions under rule 13e-3.

The President's Working Group announced the issuance of two reports about the hedge fund industry. Both are from private-sector committees working at the behest of the PWG. One report is from a committee of asset managers and the other is from a committee of investors. Click here for the committees' website.

Bloomberg reports that the Chair of the House Agriculture Committee is circulating a draft bill that would ban most credit default swaps.

The SEC Actions blog asks "Three Key Questions About The Future Of The SEC And Securities Regulation"

An investor in one of the Madoff feeder funds has sued the SEC. Lots of coverage of this one - Reuters, WSJ, but only this one has video of the investor crying. *sigh*