To all those who think when we have a problem more government is the answer:
Testifying to Congress, Harry Markopolos accused the US regulator of being scared of confronting big Wall Street investors and of being crippled by internal squabbling and incompetence.
So a government agency received a credible report that illegal activity was going on and did nothing. As a result, many people lost their life savings and other's retirements were put in severe jeopardy... all because the government didn't do what it said it would.
And we want to give them MORE oversight and power when they can't even handle what they have now?