NEW YORK (CNNMoney.com) — Lawmakers took a hard look Monday at the alleged $50 billion investment scam engineered by Bernard Madoff that has sent shock waves across the nation’s already fragile financial system.
At a hearing held by a House Financial Services subcommittee, lawmakers largely focused on how Madoff managed to evade detection for so long and whether gaps in regulation allowed him to carry out his alleged multi-billion Ponzi scheme.
“Before we act we need to understand how Mr. Madoff organized his many business operations and how he perpetrated his alleged fraudulent acts,” said Paul Kanjorski, D-Penn, the chairman of the subcommittee.
The irony of this should not be lost on the American people. The man who made $50 billion disappear is now being investigated by the people who have made over $750 billion disappear so far!
Of course the current Liberal regime may be just looking for clues on how Madoff did it so that they can use those methods themselves. After all, ObamaCare is going to need of the “creative” funding help it can get or fabricate.