The big mystery in the Bernie Madoff scandal: How did he carry out such a massive Ponzi scheme, despite many hints of wrong-doing and no less than eight government investigations? Well, the SEC, despite its track record on this issue, wants to find out.

Bloomberg reports that its probe will focus "the extent to which Madoff's reputation, developed while on SEC advisory committees, leading Securities Industry Association panels and serving as chairman of the Nasdaq Stock Market," allowed him to get away with his thefts. As noted, the husband of one of Madoff's nieces was a former SEC attorney, though it doesn't appear he played a major role in probing Madoff's firm. The relationship will be part of the probe, apparently.

For more:
- here's the Bloomberg article

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