While the SEC slept Madoff made a mint

Where was the Securities and Exchange Commission?the federal agency responsible for regulating Wall Street?when Bernard Madoff was allegedly pulling off a massive fraud that could leave investors with billions of dollars in losses? Experts say there were plenty of red flags that should have tipped off regulators that something was seriously amiss. Stephen Labaton, who covers regulatory issues for the New York Times, joins The Takeaway with the story.