Richard Shelby actually said...

"Given that failures occurred repeatedly and throughout different part of the Securities and Exchange Commission, can we assume that other similar frauds are likely occurring or have occurred without d..."

"Communication across the SEC offices was so badly flawed that Madoff himself had to alert the New York examiners that their counterparts in the Washington office of the SEC had been looking at similar..."

"Potentially fruitful leads were not pursued, while significant staff resources were devoted to running down clearly unproductive avenues."

"Are you concerned that even if your recommendations are implemented, we hope, that the culture of the SEC is such that examiners will be rewarded for focusing only on technical violations of the secur..."