Hot Docs: House Begins Madoff Hearing, Congress Is a Top Risk

House Begins Madoff Hearing: The House Financial Services Committee met to discuss the case of Bernard Madoff, who's accused of bilking investors of $50 billion in a scheme one corporate officer describes as "on a different order of magnitude" than anything he's dealt with before. The inspector general of the Securities and Exchange Commission outlined his agency's planned investigation, which will look into why complaints against Madoff did not lead to exposure of the alleged fraud. The inspector general's office also intends to examine broader issues about how well the investigation and enforcement process works. Other experts describe the nature of Ponzi schemes and how they play on the public's trust in intermediaries. On a more personal level, one Madoff investor refers to himself as a "broken man" and faults the system for allowing this to happen, saying, "I believe my government has failed us and we have suffered tragically as a result."

Congress Heads List of Top 2009 Risks: An international financial consulting firm has picked the U.S. Congress as the top risk to watch for global investors and other market participants. The Eurasia Group, a global political risk research and consulting firm, puts Congress and U.S. financial regulation above such hot spots as South Asia, Iran, Iraq, and the Ukraine. Eurasia Group President Ian Bremmer writes that "political risks have historically been the most important for economic outcomes in emerging markets, but that's not so this year. The current financial crisis has created an unprecedented space for government interference in economic affairs within developed states as well. Nowhere is that more true than in Washington." He maintains that, while incoming President Barack Obama has brought in some top economic advisers, he may have "actually got more of a Democratic majority in Congress than is good for him."

Military Victory in Gaza Might Not Be a Political Win: Unless quick action is taken to forge a cease-fire, Israel may find that a victory over Hamas will come with a high price, according to a recent report. The report, by the independent, nonprofit International Crisis Group, notes that Israel might well topple Hamas but warns that even a "crushing military victory ultimately might not be that much, or that lasting, of a political win." The report by the group, which is devoted to preventing and resolving deadly conflict, notes that there is "no logical exit or end point" to the conflict. The group urges an indefinite cease-fire agreement that includes calls for Hamas to halt all rocket launches, for Israel to halt all military attacks and withdraw troops from Gaza, the dispatch of a multinational monitoring presence, and an end to arms smuggling into Gaza.

U.S. Humanitarian Aid for Gaza: The United States is backing humanitarian efforts in Gaza by contributing millions in money and supplies to international and nongovernmental organizations like the United Nations Relief and Works Agency for Palestine Refugees in the Near East and the World Food Program. The State Department has released a statement that details U.S. support for relief efforts in Gaza. In addition to an $85 million commitment to the UNRWA, which will be used to assist refugees, the U.S. has sent food and medical supplies. The official statement concludes with the sentiment that the United States is "deeply concerned about the safety of civilians caught up in this conflict, and urges all sides to facilitate the provision of humanitarian relief."

• Read more about the Eurasia Group's risk list.