Opening a Senate Banking Commitee hearing Jan. 27 on the failure of regulators to catch alleged $50 bilion Ponzi schemer Bernard Madoff, the committee's chairman, Senator Christopher Dodd said he wanted to know how regulators missed the red flags, how many more 'Madoff schemes' could be out there, and "how to prevent crimes like these going forward - whether we require more resources or additional rulemaking or legislation."
He added: "[T]his Committee is committed to strengthening regulation, rebuilding confidence, and, above all, sending a clear message to investors across the world: The era of 'Don’t Ask, Don’t Tell' on Wall St. is over."
Testifying at the hearing were various SEC officials and others.
Separately, Mary L. Shapiro and Timothy F. Geitner were sworn in earlier this week as Chairman of the SEC and Secretary of the Treasury, respectively.
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