Richard Shelby actually said...

"Senator Shelby"

"The Madoff fraud is disturbing, as Senator Dodd said, on several different levels."

"He cited, among other things, Madoff's unusual compensation arrangement, the inability of the options market to sustain Madoff's strategy with the level of assets he had under management."

"The fact that the regulators were put on notice through direct tips, press articles, and industry chatter raises serious questions about the state of our regulatory system."