“An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff’s financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation…. But with the agency under pressure to look for wrongdoing in the mutual fund industry, she wasn’t able to continue pursuing Madoff, according to documents and two people familiar with the investigation, and her team soon concluded its work on the probe.” (Washington Post ^[1], Thursday)

Anyone who looks to regulators for protection almost deserves what he gets.

FEE Timely Classic
“The Pretense of Regulatory Knowledge “ ^[2] by Sheldon Richman