RIA 99

SEC's Meagan Chung Pleads Innocent

Government regulation is a bureauractic job which does not attract and keep creative, out-of-the-box people. Shortly after the regulator is created and empowered it degenerates into a set of checklists which are used by the employees doing the actual leg work. Since Madoff satisfied the checklist, no further investigation was deemed necessary.

I wish this wasn't true, but it is: The police will never catch every home burglar and the SEC will never catch every financial fraudster.