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December 19, 2008

Completely disillusioned

After reading this AP piece about an investor who had for nine years been trying to alert SEC regulators to Bernard Madoff giant ponzi scheme, only to be ignored for nine years, I have zero trust in our regulatory system or political insitutions in so far as they deal with regulation of financial markets.

If it were just this one issue then it wouldn't seem so hopeless. But against the backdrop of everything that's been happening for the last several months it seems to me that Obama was being overly generous when he recently characterized our financial system as having been without adult supervision.

To regain my trust I'm going to need to see both serious accountability and a fundamental rethinking and increase in our national regulatory system. Too much would be vastly preferable to too little, IMHO.

Any theory of government which proposes that possessing an ounce of marijuanna poses a greater threat to society (as demonstrated by the resulting prison sentence) than the shenanigans that pass for business as usual on Wall Street is a theory utterly disconnected from reality.

Posted by Kevin at December 19, 2008 10:08 AM