Once again, as with Lehman, the named Europeans are shocked (and really, really pissed) at how loosely regulated the U.S. market is.
To be fair, Madoff's advisory was clearly and obviously not formed as a regulated entity. To be shocked now is more than a bit oddball. To cry "foul" based on a 2006 registration that didn't get pulled back (like many others did) is crazed.*
Notwithstanding the basis for ill-formed sentiments, foreign capital flows are the mother's milk of the U.S. Economy, no matter what Larry Kudlow is peddling today.
*Update: from all we know, even if the SEC had done a direct review, it appears that the outcome would have been the same: no assets, all air.
Monday, December 15, 2008
How 'No New Regulations', like 'No New Taxes', Is Ruining the Republic
