02/27/2009 05:12 am ET Updated May 25, 2011

AP: Congress Missed SEC Napping On Madoff

WASHINGTON -- It's not often that erudite senators declare themselves baffled, mystified or bereft of understanding. But they'll cast themselves as clueless if it helps to make this point: That profound fraud, government screw-up and/or scandal? Not our fault.government screw-up and/or scandal? Not our fault.

Especially the one involving Bernard Madoff. That was the Securities and Exchange Commission's fault, at least according to lawmakers.

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