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New at Reason: Steve Chapman on the Madoff Scandal and the Empty Case for More Regulation
The call for
more regulations, writes Steve Chapman, ignores some inconvenient
facts. The first is that con artists will often outfox regulators.
For example, if the SEC couldn't catch the brazen Bernard Madoff in
eight tries, what suggests we should place greater faith in the
ability of other agencies trying to monitor a vast network of
financial companies?
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