Re:The SEC has always been worse than useless. (Score 1)

By giving people a false sense of security, the SEC keeps people from even making the barest attempt at due diligence before handing over their money to the Bernie Madoffs of the world. If you're going to delegate this responsibility to anyone, it should be to a private agency that has something to lose if they fuck up, not to a bureaucracy which will in all likelihood get a budget increase after a major failure.

-jcr

Would this private entity be something like a rating agency? I don't know if you have been watching, but the rating agencies did a worse job than the SEC. Private business and government BOTH failed. First, we elected a President that was against regulation. Don't be surprised that the SEC didn't regulate. There were plenty of mini scandels about regulators not regulating under Bush. He told us he was against regulation though, so it is our fault. I am not saying that government offices are great, but don't be surprised if they are worse when run by people that are against their existence.