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.

Markopolos was scheduled to testify yesterday before the House panel, but asked to postpone his testimony, saying in a letter that he was ill and needed more time to prepare. Kotz said he plans to interview Markopolos in the near future

who was sick and did not testify.

Note, no one in Congress blamed themselves or the corporate lobbyists who get them to pass absurd legislation.

At the bottom of the New York Times link are links to written testimony. Obviously I don't feel there is anything beyond excuses contained within.