More complex products and less transparency equals a greater possibility of fraud and wrongdoing.

The bottom line is, while the SEC may need new laws and new tools, they had all the laws necessary on the books to catch Madoff.

If you could go lower, would you give them a lower grade than that?

The SEC apparently couldn't hit the broad side of a barn if you gave them a shotgun and directions.

Since the market crashed.

So you are saying that the basic system of incentives probably was not just neutral, but pushed people away from doing a thorough investigation.

The pace of reforms is rapid, but it needs to keep that same pace going forward.

Look, I am not asking you how you have corrected it.

It depends who turns over.

It seems to me almost a certainty, given how bad things were with Madoff, that there are probably other Ponzi schemes.

I helped get you that appropriation.