Ya know, maybe more regulation is not going to prevent future financial mayhem. Regulation only works if the regulators actually look for trouble, or in the case of Bernie Madoff, don't avoid looking for it.
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I think we put too much emphasis on regulation and not enough emphasis on oversight. The problem has been a willful lack of oversight. And, the truth of the matter is that the government is not agile enough to police all levels of wrong doing. We have been chipping away at the private attorney general statutes, which allow, shareholders, for example to police such things. I tend to think that Enron, Worldcom, and the current crop might not have manifested themselves as badly if they ever thought someone could look over their shoulder and hold them accountable. I think we have been too concerned about putting Bill Lerach in prison and restricting shareholder suits, than in trying to understand what this private police action allows us to stop. Government has a hard time with oversight because it is generally not the party feeling the effects of what is happening.