scam

The Wall Street Journal has been splendid in lambasting the SEC and other regulators for their failure to investigate the huge Madoff Ponzi fraud before Bernie Madoff himself confessed the game was up last December. The regulators repeatedly received detailed analysis making the case for grand fraud, and ignored it.

The Washington Post reports (Apr 23) that the entrepreneurial spirit is alive and well among the bureaucrats of Washington DC, even at the IRS. They've been trading transit vouchers like crazy - to the tune of at least $17m, probably much higher according to the Government Accountability Office GAO).