Bernie Madoff's crimes are often blamed on insufficient regulation: had the relevant regulatory agencies been doing their job, it is thought, the Madoff-debacle would never have happened.
But I suspect that Madoff's crimes may themselves have been a consequence of a superabundance of regulations, the effect of which was to make it prohibitively difficult to make money in the financial sector without breaking the law.
An Author's Republic audio production.
Bernie Madoff's crimes are often blamed on insufficient regulation: had the relevant regulatory agencies been doing their job, it is thought, the Madoff-debacle would never have happened.
But I suspect that Madoff's crimes may themselves have been a consequence of a superabundance of regulations, the effect of which was to make it prohibitively difficult to make money in the financial sector without breaking the law.
An Author's Republic audio production.
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