Robert Ash

SEC's Meagan Chung Pleads Innocent

Does anyone else's nuclear alarm bells go off when they hear the SEC confess "we couldn't have possibly uncovered Madoff's Ponzi scheme", even after having it spoon fed to them by Markopolos? The implications of this confession are enormous. If they couldn't uncover Madoff's $50B, what type of fraud or non-compliance CAN they uncover? Do they just sit at their desks waiting for fraudsters to give them a phone call handing themselves in? The SEC is rotten to the core. Better to start from scratch with something that would have the culture of an attorney general's office; you really can find professionals who know how to use subpoenas if you want. Those of us who want to see competent regulation of the financial system return so capitalism can prosper once again must resist the cries from the free-market ideologues that more regulation can't possibly be the answer since incompetent regulation hasn't worked so well.