BILL SINGER: Which takes me back to my baseball metaphor or analogy or whatever you wish to view it as. Madoff. Stanford. Auction rate securities. Credit default swaps. Bear Stearns. Lehman Brothers ( LEHMQ - news - people ). You pick your poison, but when you do, tell me how having three layers of regulation: federal, state and self-regulatory prevented the financial catastrophe or mitigated the damages. Tell me how those seven fielders all managed to let the con artists and the scamsters ball drop in among them.
The thousands of regulators spread out among the seven positions are simply too many fielders converging for the same ball on the same field at the same time--and at the critical moment, they all assume that someone else will catch the falling ball . . .
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