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    Investigations of Madoff Fraud Allegations, Part 1

    In the first of two parts of a hearing on the $50 billion investment scam allegedly engineered by Bernard L. Madoff, Harry Markopolos, an independent financial fraud investigator, asserted that since 2000 he repeatedly submitted warnings to the SEC about Mr. Madoff that were ignored. 

    Following Mr. Markopolos' testimony, prepared statements by a second panel with Securities and Exchange Commission officials focused on possible regulatory failures that allowed the Ponzi scheme to continue, and the need to rewrite the laws governing the U.S. financial markets. 

    The second panel continued with questions from committee members on the second part of the hearing (283836-4).

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    U.S.-Israel Relations

    Israeli Prime Minister Rabin and U.S. President Bush spoke to reporters from microphones outside the president’s vacation home in Kennebunkport, Maine, following their meetings during the prime minister’s visit to the U.S. President Bush read a statement announcing his decision to approve up to $10 billion in loan guarantees to Israel to provide aid for Soviet immigrants. Prime Minister Rabin read a statement on the situation in Bosnia in Eastern Europe and U.S.-Israeli relations. The two men responded to questions from reporters following their prepared remarks. President Bush angrily refused to respond to a question from a CNN reporter regarding rumors that he had an affair with a female staffer in 1984.