Pretty much everyone agrees the SEC should have overseen Madoff operations and uncovered the fraud years earlier. And it didn't, the SEC left Madoff to run in a free enterprise dream world with no effective oversight. And, as with Enron, it took advantage of the lack of accountability and a bunch of more or less innocent investors lost a bunch of more or less valuable dollars.

It's just another example of the fallacies and failures of the completely free enterprise system, as if we needed any more. Only Rush Limbaugh and other fools can believe that Man can be trusted to be honest and honorable in the absence of folks watching. Some can, for longer and shorter time periods, to be sure. Many can't.

And I don't think Limbaugh et al believe Man can be trusted. I think they just want a license to steal. Those who protest regulations the most are those upon whom regulations are most needed.

Arf