Watch part two
A 50 billion Dollar fraud - the latest blow to the financial world and one of Wall Street's biggest scandals.
Bernard Madoff, the man in question, makes the headlines as he faces allegations that his entire business was nothing more than a scheme to dupe investors.
The SEC, the Securities and Exchange Commision, in charge of overseeing dealings by people like Madoff admitted to its failure to spot his illegal transactions for many years.
Inside Story, with presenter Maryamme Nemazee, discusses the fallout of this scandal on Wall Sreet.
This episode of Inside Story aired on Wednesday, December 17, 2008 at 1730GMT with repeats at 2230GMT and on Thursday at 0430GMT and 0830GMT.
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