Holy Crap

This just in here at Insane World Central. Apparently the fine folks live blogging the Madoff congressional hearings (y'know, the guy who stole billions of dollars yet gets HOUSE arrest, in his palace, no less...) quotes one of the congress critters as saying:

The Ponzi scheme “fell through the cracks of our regulatory system” and that regulators should have detected the Madoff scam much earlier. Most shocking, Mr. Kanjorski said, was that after Mr. Madoff misled the S.E.C. about being an investment company, the Commission never went back in to investigate the firm. “Clearly our regulatory system has failed miserably and we must fix it now,” he said.

Oh, I see. A FIFTY BILLION DOLLAR CRACK IN THE SYSTEM?

Don't believe me?

If anyone can enlighten me on why anyone is still arguing for less regulation, of these financial whiz kid bastards, I'm more than willing to listen to your point of view...

Well, maybe...