They were all genuinely incompetent rubes who would also appointed people like themselves from the corporate revolving door. Both presided over the worst cases of industry buying the regulators. Look at the Bush-2 SEC who would not take on the Madoff case. Other examples abound.
http://www.pbs.org/wnet/tavissmiley/interviews/author-harry-markopolos-2/"> Author Harry Markopolos - Tavis Smiley (video)
The whistleblower whose book on the Bernie Madoff scheme, No One Would Listen, is the basis for the new film Chasing Madoff, discusses his 10-year journey and explains why the fraud was obvious to anybody who cared to look.
For years, Harry Markopolos tried to tip off the U.S. Securities and Exchange Commission to what turned out to be the largest Ponzi scheme of all time. The former securities industry exec turned independent financial fraud investigator was working for a Boston investment firm, when he discovered Bernie Madoff's house of cards and gives an account of the scandal in the new book No One Would Listen. Markopolos has a master's degree in finance from Boston College and is past president of Boston Security Analysts Society, Inc.