Since Madoff's arrest last week, details of years of alleged illegal schemes have come to light. Many charities, cities, banks and personal citizens trusted their money with Madoff. But now the government itself is on the hot seat, with word that the Securities and Exchange Commission may have ignored tips and allegations made about Madoff years ago.
Now, Christopher Cox, the chairman of the SEC, is launching an investigation into why the government failed to detect Madoff's scheme.
Two guests answered questions about Madoff, the SEC and the details in the case.
Diana Henriques is a reporter who has been covering the story for the New York Times.
John Coffee is a professor of law at Columbia University Law School and the director of its Center on Corporate Governance.