Senate committee schedules Madoff hearing

26 January 2009

The Senate banking committee will hold a hearing into the performance of federal regulators in relation to the alleged $50 billion Ponzi scheme conducted by Bernard Madoff, it has been announced.

In a statement cited by Bloomberg, committee chairman Christopher Dodd (D-CT) said the sessions would also examine potential measures to ensure that such incidents are prevented in the future.

Witnesses set to testify at the January 27th hearing will be confirmed at a later date.

They will appear before a committee whose membership also includes Richard Shelby (R-AL), Chuck Hagel (R-NE) and Charles Schumer (D-NY).

Elsewhere, an attorney for the Hungarian-born actress Zsa Zsa Gabor has told Reuters that the 91-year-old could face financial ruin after losing at least $7 million to the Madoff scandal.

Total losses for Ms Gabor and her ninth husband, Prince Frederic von Anhalt, could eventually top $10 million, the lawyer added.

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