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.

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

Madoff Securities is the world's largest Ponzi scheme.

Now, a 45-degree angle is not something we deal with in finance. It's something you see in a high school geometry class. Performance like that has never been recorded in human history.

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.

The SEC now is 3500 chickens, and we need to get some foxes in there.

We as the American people have to hold ourselves accountable because we didn't hold our government accountable.