Madoff was absolutely working with and connected to regulators [0] in various capacities. The idea that the current regulatory framework really helps consumers

Madoff was absolutely working with and connected to regulators [0] in various capacities. The idea that the current regulatory framework really helps consumers or effectively polices the truly bad actors is unfortunately far from the truth. So yes, people should be upset with the SEC and other regulators, and should demand more appropriate and effective regulation (and/or enforcement) that actually targets the worst behaviour and protects the most vulnerable, rather than policing access and providing incumbents with a regulatory moat for little or no benefit. [0] https://en.wikipedia.org/wiki/Bernie_Madoff#Government_access https://en.wikipedia.org/wiki/Bernie_Madoff#Government_acces...