Hedge Funds

Madoff faces jail as investors pick over the scraps


It was a busy week in the Bernard Madoff Ponzi scheme saga, as prosecutors pushed to revoke Madoff’s bail and jail the disgraced investor after discovering that he had mailed more than $1 million in valuables to family and friends in violation of a court order.

On Monday, Congress engaged in more than four hours of hand wringing at a meeting of the House Financial Services Committee, which heard from, among others, a Madoff victim who has lost all his savings and may have to move in with his daughter. The committee and witnesses also debated how best