Anyone who still thinks that more regulation is what's needed in the markets, should watch this over and over and over again, until they get it. More regulation is a distraction, first they always regulate the wrong things, then the regulators always look away anyway!
This morning, the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is holding a hearing to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff. This is the second in a series of hearings that will help to guide the work of the Financial Services Committee and the Capital Markets Subcommittee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the U.S. financial markets since the Great Depression. Rep. Gary Ackerman questioned witnesses from the Securities and Exchange Commission.
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