Madoff, Stanford, and the complete absence of governmental oversight

Madoff bought no securities for at least 13 years, yet no regulator had a clue.

Stanford broker fired for asking questions. The SEC knew about this, and multiple other Stanford complaints too, and of course did nothing. Just like they did with Madoff.

If these Ponzi schemes had happened in a Third World country and their regulatory agencies had ignored the facts and done nothing, well, we’d all be snickering about how corrupt they are, right?

Madoff and Stanford were the front men. They did not operate alone. And why did the SEC ignore so many flashing red warning signals?