Grotersque comic-book villain Allen Sanford: regulation entirely broken

The new Vanity Fair contains fascinating details of just how unbelievably asleep the SEC had to be to allow Sanford to operate for so long in the manner he did - its clear regulators just didn't have the balls (or political authority?) to regulate.

Its called 'regulatory commitment' and it needs social anbthropologists to examine just how rotten our financial regulators (and many comms regulators) have been.