But, just when you thought there was no hope for the U.S. capital markets, Congress AND the SEC are running to the rescue.
Congress is going to hold hearings, just like it did after Enron, Worldcom, Long-Term Capital Management, ad nauseum. Of course, after each of those affairs, something bigger and much worse happened, so don't hold your breath.
Even better (funnier, sadder - pick your adjective) is the SEC is investigating... itself. SEC chairman Chris Cox, who apparently has been playing in multiple fantasy sport leagues during office hours over the past few years, is going to make sure that the same SEC that knew about potential problems with Madoff and ignored them, is going to get to the bottom of... that.
Mr. Cox - here's a hint: You knew about potential problems and ignored them. Next time - DON'T IGNORE THEM.
The ultimate insult is that in addition to bailing out Wall Street and Detroit, taxpayers will be covering the cost of the SEC investigating itself for NOT investigating an issue that it already knew was an issue worth investigating.
But what do I know?