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Viewpoint: Madoff scandal makes case against regulation

Baltimore Sun – If there is anything we have learned from the crisis in the financial sector, it’s the urgent need for more regulation. Had federal regulators been more vigilant or wielded greater powers, all this suffering and heartache might have been averted. That’s the story we’ve been told, and it must bring a rare smile to the face of Bernard Madoff.

Mr. Madoff was the manager of a Wall Street investment fund that he allegedly confessed to his sons was "one big lie" and "a giant Ponzi scheme." But "giant" fails to capture the scale of his fraud, which may have lost $50 billion, more than the entire gross domestic product of most of the countries on Earth.

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