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The Greatest Scam in the History of the World?

You decide. And why aren't all of these people in prison for fraud? This comment nails it: This is a big part of why the anti-capitalist, anti-Wall-Street screechers are so wrong. Besides the pesky problem of predatory borrowers is the added failure of greed-damning malcontents to distinguish between regulation and criminal justice. If I go out and kill someone, does that suggest that the penal code "failed" or that the police "failed"? If I go out and rob a bank, does that mean that the Federal Reserve or the FDIC "failed"? Of course not. All the government can do is make sure I know the consequences of my actions. If I accept those consequences and commit the crime anyway, then what more is the state supposed to do exactly, except assign a prosecutor and empanel a jury? It cannot possibly be the responsibility of regulatory bureaucracies such as the SEC to prevent criminal conduct a priori...continue to full post

Full post as published by Crime & Federalism on January 03, 2009 (boomark / email).