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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I have never seen anything in the world more devious or backdoor to come in to Federal regulation than doing it this way, and with the least amount of real direct effect.
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.
We have to get back to 'good regulation.' Maybe we even have to go a little beyond that and say, we need to get back to good values.
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.
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