The House Capital Markets Subcommittee next month will launch an investigation into Bernard Madoff’s alleged $50 billion Ponzi scheme.
Subcommittee Chairman Paul Kanjorski, D-Pa., said the allegations about Mr. Madoff were “deeply disturbing” and have “further weakened already battered investor confidence in our securities markets, and they have raised even more troubling questions about the effectiveness of our regulatory system.”
Also today, Attorney General Michael Mukasey recused himself from federal investigations of Mr. Madoff because Mr. Mukasey’s son, Marc L. Mukasey, is representing Frank DiPascali, a top financial officer at Mr. Madoff’s investment firm, Bernard L. Madoff Investment Securities, said Peter Carr, a Department of Justice spokesman. Marc Mukasey is a partner at the law firm of Bracewell & Giuliani.