The government is incompetent...say it isn't so!
Today the Inspector General said the SEC botched the Madoff investigation. Past SEC probes of the Madoff investigation were incompetent, the report says.
The report says that three agency exams and two investigations failed to uncover Madoffs ponzi scheme.
It also says that they found no evidence of improper ties between the SEC and Madoffs firm.
Finally, someone in the government admits what the rest of us already knew, but I wouldn't go out and start your own ponzi scheme anytime soon.
The government and SEC are shoring up regulations and investigative techniques and are more likely to be overzealous than over cautious.
Big business had to virtually destroy our financial system, but maybe something good will eventually come out of it, once the government stops meddling.