Business as usual was simply not an option after revelations that the Securities and Exchange Commission — despite repeated opportunities — failed to uncover Bernard Madoff’s $50 billion Ponzi scheme.
At a Dec. 18, 2008, press conference, President-elect Barack Obama noted that this “massive fraud…was made possible in part because the regulators who were assigned to oversee Wall Street dropped the ball” and “reminded us yet again of how badly reform is needed when it comes to the rules and regulations that govern our markets.”
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