I've found that wherever there is one cockroach in plain sight, many more are lurking behind the corner out of view.

We have to take personal responsibility. The government didn't do its job when the institutions needed to be held accountable. If you see something's wrong, you can't just turn the other way. The regulatory system was totally rotten from top to bottom.

I don't know how I could have been more explicit. I gave them a roadmap and a flashlight, but they didn't go where I told them to go, they didn't look where I told them to look, they didn't tell the people I told them to call.

A super-sized fraud of this magnitude was bound to happen given the lack of regulation of these off-shore entities.

The best thing you can say about offshore investors is that they're tax cheats in their home countries.

I have ... spoken to the heads of various Wall Street equity derivatives trading desks and every single one of the senior managers I spoke with told me that Bernie Madoff was a fraud. Of course no one wants to take an undue career risk by sticking their head up ... The fewer people who know who wrote this report the better. I am worried about the personal safety of myself and my family.

Madoff Securities is the world's largest Ponzi scheme.