So while I was trolling the internets I had C Span in the background. Here's what I think I heard. The whistler blower on Madoff spent 4 hours, figured out it was a scam, and tried to get the SEC's attention. He had all the stuff except for access to emails. Everything else was public information.
The following should be confirmed:
I'm pretty sure I heard him say that there are still many undiscovered feeder funds, mostly in Europe.
Signal v noise is not a trivial problem. This one is going cost someone between $50 and $70 billion dollars.
It's now 12:15 New York Time. The blablabla is starting to peak on the net. Here's the Google search on "Madoff Congressional Hearing." As of now Google says there are 537 stories, each no doubt with the "breaking news." I wonder how much money was spent to be "first with the news".
When will Our Captains of Industry and Government learn that in a google-mart economy with a NoDramaObama adminstration, Less (noise) really is More (signal) and More (noise) is really Less (signal.)