Congress poised to probe Madoff's alleged fraud

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December 17, 2008 18:53

 
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A key US lawmaker says Congress will investigate the alleged $50 billion pyramid scam run by Wall Street money manager Bernard Madoff. The chairman of a House Financial Services panel, Democratic Rep. Paul Kanjorski, says the scandal has further weakened already-battered investor confidence in securities markets and has raised more troubling questions about the effectiveness of the regulatory system. The Pennsylvania congressman said Wednesday he'll convene a congressional inquiry early next month to examine the alleged Madoff fraud and to determine why the Securities and Exchange Commission and other regulators failed to detect what he described as "these substantial evasions."

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