My favorite hedge fund has done its typically powerful analysis of Congress' investigations into how, amazingly, a guy who served on SEC advisory boards and bragged about how he had regulators in his coat pocket could possibly have avoided SEC investigation while overseeing the biggest Ponzi scheme in U.S. history.
The chairman of the panel, Barney Frank, thinks that the staff of the SEC were not to blame for this. However he also doesn't want the government to be blamed for anything that went wrong with Fannie and Freddie. I do think that Brother Barney is onto something. I mean, it's time we moved beyond the question of who killed who. Investigations that pry into the motivations of the human soul are particularly awkward to the Congressman. Let's just start spending other people's money - shall we?