Madoff in Focus Today

Today, Congress gets its first crack at unwinding the government's oversight (or lack thereof) in detecting the massive $50 billion alleged Ponzi scheme allegedly run by Bernard Madoff. The House financial services committee begins its hearing today at 2 pm. The Wall Street Journal, with a preview, reports that the Securities and Exchange Commission and other agencies launched eight inquiries into the business over the past 16 years but never found enough to press forward.

Also later today, fresh from his plane's arrival in Washington, President-elect Barack Obama will meet with members of Congress about an economic stimulus plan, which he hopes to get passed quickly after taking office in a few weeks.

Check back here for more live updates later today.

--Sara Goo