You're Absolutely Right. It's so obvious...

And a nod to Hugh Hewitt. Even those he is a !&*£"$% C^£$ he makes a good point. "We want regulation scream" the ignorant hordes. Well there already was a regulatory body in America. It was called the SEC. Largely staffed by rent seeking bureaucrats they proudly threw Conrad Black and Martha Stewart into the slammer for what should have been wrist slaps.
However Bernard Madoff and Charles Stanford ran scams of 50 billion dollars. These weren't just scams! These were well beyond scams. These were swindles of biblical proportions and unsurprisingly the government didn't even notice.