Bernie Madoff: Fall Guy or First of Many?

Bernard Madoff has been sentenced to 150 years in prison for one of the biggest investment frauds in Wall Street history. The punishment seems to fit the crime....

But there is no closure here. We can’t let Madoff’s sentence distract us from the underlying problems.

So Madoff got 150 years for breaking into the bank. Fine.

To its credit, Congress is leaning towards a do-over. It created the new Financial Crisis Inquiry Commission to investigate how fraud, regulatory lapses, monetary policy, and obscure accounting and lending practices contributed to the current financial crisis. After much opposition, the Commission even has subpoena power.

All the Commission needs now — and fast — is members. Real ones, with fire in their bellies. Members who aren’t afraid to put people in jail.