Daily financial crime blotter

Madoff under house arrest as SEC admits failure to act. Why does Madoff have bail at all? He should be in jail. As for the SEC and the failure of regulatory agencies, this isn’t just because of incompetence or neocon ideology, there’s no much money involved for that. I predict there will be criminal indictments of governmental officials for accepting bribes.

Dreier law firm files for bankruptcy after founder arrested. He shafted all his lawyers, looted escrow and client accounts, and no one had a clue, huh?

It’s really starting to look like our entire financial system is both rigged and corrupt.

More gloom and doom:

Chrysler will shut down for a month, Merry Christmas, workers.

States are running out of money to pay unemployment claims

Option ARMs and Alt-A mortgages about to reset. Could be worse than subprime.