I sympathize with the constituents of my friend from New York, Mr. Ackerman. When you hear some of the stories from the testimony of the Inspector General, that if only somebody turned around when they were examining the Madoff operation and just asked Mr. Madoff, where are the securities, that would have resolved the problem that there weren't any and therefore that there was something fraudulent going on.
Kanjorski reflects on missed opportunities to question Madoff's operations.
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If this body is to create new regulations in the OTC markets to decrease the possibility of systemic risk and increase transparency, Congress must ensure robust competition and protect the ability of American businesses to use these…
The pain that the majority of my constituents and probably so many constituents around the country--they are not going to trust any of us.
If Congress missteps, we run the risk of driving this market overseas and limiting the ability of companies to manage risks associated with their business practices.
But I am curious, should we not now take the opportunity to reform some of the structure of government, particularly by merging the CFTC and the SEC?
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