In addition to purchasing mortgage-backed securities, the committee said Operation Twist, the bond swapping program, will be extended through the end of the year and its forward guidance through 2015.

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The Securities and Exchange Commission, which closed the operation Aug. 17, accused Burks in a civil complaint of fraud and selling unregistered securities.

NPR: Court Tries To Reach Deals With NC Ponzi 'Winners'

Operation twist, by definition, sterilizes some securities purchases with sales of others.

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Some people at the firm said Mr. Blankfein seemed insufficiently apologetic, focusing too much on Goldman's role as a trading operation and not enough as a trusted underwriter securities sold to clients.

WSJ: For Goldman Employees, Concern and Shots

The 68-year-old hedge fund manager is shutting down Pequot Capital amid a lingering investigation into insider trading by the Securities and Exchange Commission that has "cast a cloud" over the operation.

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Operation Twist is a program where the Federal Reserve sells shorter-dated securities and buys longer-dated ones in a bid to push down longer-term yields.

FORBES: Markets Anticipate More Twist If Fed Acts; Gold Reaction To Twist Likely More Muted Than To QE3

The Bernanke Fed has been characterized by an aggressive attack on Treasury yields through all possible means: zero-bound interest rates with a pledge to keep them at record-lows for years to come, purchases of Treasuries and mortgage-backed securities through several programs of quantitative easing (QE), and a maturity extension program dubbed Operation Twist that should push longer-term rates even lower.

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The scheme was carried out in Madoff's investment advisory operation, which occupied office space immediately below the offices of his broker-dealer, Bernard Madoff Investment Securities.

FORBES: The Madoff Ponzi