from The Wall Street Journal
March 18, 2009
Bernard Madoff's longtime accountant was charged Wednesday as prosecutors expand their probe of the sprawling fraud. David Friehling, who served as Madoff's auditor for several years, faces up to 105 years in prison if convicted of the fraud charges. Last week, Madoff pleaded guilty to what could be the largest fraud in history. His sentencing is set for June.Here's a thought. How about putting all the regulators at the SEC and the Fed and FDIC in jail along with Madoff's accountant. It is, after all, the regulators who looked the other way for at least 10 years.
One of two things must be true. You decide which you believe. Either the regulators are totally incompetent---in which case we should have no confidence in them whatsoever. Or, the regulators are part of the fraud---in which case they should go to jail. Which is it?