The financial sector is heavily and sufficiently regulated! It's a familiar refrain, but last year it was coming from rich-people-ponzi-scheme operator Bernie Madoff, who added that financial criminals were always caught very quickly.

Madoff, of course, is suspected of cheating wealthy investors for decades. That's how he was able to steal a full $50 billion!

And yet here's a video (at top) of the former Nasdaq chairman saying things like, "it's impossible for a violation to go undetected — certainly not for a considerable period of time."


He forgot to add, "unless the president is gutting the SEC's enforcement wing, or your daughter is dating the guy the SEC sent to review your books."

As Cajun Boy notes, Madoff looks very cool and collected here, even when he says "most firms do try to comply" with the law. He's smooth enough to appear on CNBC. How many more scamsters are out there?


(Original, much longer YouTube clip.)