House Congressional Hearing on How SEC Missed Matloff

More oh gee, how did this happen? stuff on capital hill.

The New York Times did a live blog on the hearing and it's basically a true waste of time, oh, more audits, obviously a $50 Billion dollar Ponzi scheme just fell through the cracks

The real meat will be:

The SEC was warned on several occasions by Boston investment professional Harry Markopolos that Madoff's firm probably represented the world's largest Ponzi scheme. In such a scheme, some investors are paid with other investors' money. Allegedly using such a technique, Madoff was able to produce double-digit returns to investors year after year.