I’m not sure how the federal government would ever be in a position to effectively regulate the financial services industry, in particular regarding the myriad investment fund vehicles that have been established over the years.  Would a government employee go in and audit the corporate records of all of these thousands of entities that have been formed, many of which are offshore entities that operate under the laws of other countries?  Where will they find the financial geniuses willing to forgo lucrative jobs in the private sector to accept a government job?  Oh, wait, maybe they could find some of the ones that are currently collecting unemployment.  What will they do when they find out that these funds are not in compliance with their own by-laws or operating agreements, nor with the regulations that are supposed to govern them?  The sad fact is that these funds had been making money hand over fist for years until recently, and have become so complicated that even the fund managers don’t have a good understanding of how these things are supposed to work.  The feds will have their work cut out for them if they delve into this convoluted mess.