Finance reform is a " joke" Bernard Madoff

"WALL Street swindler Bernard Madoff calls new US regulatory reform enacted after the recent national financial crises "a joke" and describes the federal government as a Ponzi scheme".

Madoff words should be taken seriously! After all, for more than 3 decades he was one of the central figure on Wall Street and had managed to swindles billions off his investors in front of the SEC and other governmental institutions that were set up to " protect individuals" from fraud. We have contended for a long time that the regulatory structure in the financial markets, like anywhere else per say, are set up to protect the big guys from the competition. The market is in fact the best regulatory structure for it is unrelenting and pitiless when punishing fraudsters. Customers are always striving for the best available goods and services and crooks cannot survive in an environment where competition and innovation is feverish and where institutions fight and strive to provide their customers with the best possible services. The issue with the financial markets is its cost of entry . There is a great deal of talented financial analysts out there who can help the millions of investors out there at a much smaller premium than most big investment houses. But, these big guns are being protected by the State through their contacts in the higher governmental office; which allows them to get away with all sorts of crimes. This system of moral hazard therefore enable these irresponsible institution to never account for their " errors" while millions of people are being defrauded. 
The last financial regulation scam enacted by former connecticut senator Frank Dodd was just another joke pulled by wall street. Here was a man who had spent all his career in the house catering to the special interest of wall street suddenly coming up with a bill that was meant to fight against the crimes he had enabled for all his tenure in DC! Nothing could be more than ridiculous!