I am especially troubled by the sheer magnitude of the warnings the SEC received in the Madoff case and either neglected to look into it or just scratched the surface and called it a day.

The failure of regulators to check the irresponsibility on Wall Street allowed financial titans to grow so large and powerful that their collapse was a systemic disaster for our economy.

But even after regulators conducted eight investigations over 16 years, virtually nothing was done.

I have no doubt that 2008 will go down in history as one of the darkest years for our system of Federal financial regulation.

I hope we can, whether working with the Finance Committee or whomever, look at this question of phantom interest.

Why would someone hide all of this information if it isn't for the reasons of fraud?

It was an elaborate scheme that cost thousands of people an estimated $50 billion.

Several of Mr. Madoff's family members worked for agencies responsible for regulating Mr. Madoff's firm.

It seems to me that it might be simple human nature that people would not be as quick to investigate and punish one of their own.

The shock caused by this modern-day heist has reverberated throughout Wall Street, further crippling investors' already weakened confidence.

I have a real problem, Mr. Chairman.

When your 2005 investigation revealed that Mr. Madoff misled the SEC about the strategy he used for customer accounts, withheld information about the accounts, violated SEC rules by operating as an unregistered investment advisor, didn't…