Below is an article published by Bloomberg and authored by journalist William Cohan. This is another tale of a system that lacks integrity because the government agency tasked with protecting investors spends much of its time pandering to the big banks it is supposed to be regulating. Recall that the Securities and Exchange Commission (SEC) was busy protecting Madoff for years before the Ponzi scheme imploded.
Will the SEC take steps to redeem itself in the near future? Only time will tell.
Here’s a link to Mr. Cohan’s article —Press – Bloomberg – When Wall Street Watchdogs Hunt Whistle-Blowers – Aug 19, 2012