House of Representatives members accused America’s Securities and Exchange Commission of impeding their probe into how the agency failed to uncover the alleged £35bn (€39.2bn) fraud perpetrated by Bernard Madoff.

US stocks retreated but managed a partial late-day recovery today as investors reacted uneasily to Federal Reserve Chairman Ben Bernanke's comments on the economy and news that two Bear Stearns Cos. hedge funds were essentially worthless.

The former chairman and chief executive of bankrupt US energy giant Enron has resigned from the company’s board of directors, cutting his last tie beyond stock ownership to the firm he nurtured for 16 years.