Wall Street abdicated their role in "We the People"!  There has long been an agenda among the Reich to remove the government from the financial sector.  They did not want the auditors exposing their fuzzy math.  What these "self-made" financial gurus failed to realize, or more directly failed to accept, was that these money cops were neccessary to verify the trust they all expected from others in their dealings.  As they carefully dismantled the regulators, these financial giants failed to develop their own private sector to confirm the values of the investments they were making.  Is anyone besides Alan Greenspan surprised that these shady deals that have come to light were so ubiquitous?

It is astonishing that in every sector of the financial world, institutions have found themselves blatantly and critically exposed to the fragile world of bad debts.  What were they thinking?!?!?  Did they believe that they were the only ones making these bad loans and no one else was mimicking their foolish enterprises?  Really? 

This was musical chairs at its worst.  Now that the music stopped, there is not just one chair missing, less then the number of dancers, there is only one chair left with dozens of dancers looking around foolishly.  That chair is the government's.  The government is in the chair now.  All the dancers burned their chairs and thought they could sit on someone else's when the music stopped.  They appear to have believd that the music would never stop.  Now they are lost and wondering whether they can sit on the floor.  But if they sit on the floor, they are not a winner.  They are losers.  How can we get the music started again while Uncle Sam builds new chairs?!?!?  Clearly, Wall Street, that legendary Private secot, the free market, lacks the wherewithal to buld their own chairs, never mind make a decent chair for anyone else.  How did Obama put it, the ownership society means you are on your own.  Well, Walll Street, how does that feel, now that you are all on your own?

If the Reich had not been so intent on dismantling oversight, they might have realized that the government was the necessary evil that could have prevented the situation form getting to this point.  If the financial sector had adopted that they were part of "the people" and that the government was "of the people, by the people, and for the people" they woud realized that the auditors are on their side as they demand the books be clean.

The truth of the matter is that there is no investment firm capable of auditing each and every one of the institutions in which they seek to invest and it is absurd and unnecessary to create a world in which the private sector accomplishes this feat, time and again, for each investor, with no serious recourse when the investment vehicle hides their flaws.  Unless, of course, you take legal action that drags on for years as a serious recourse.

It is the job of the government alone to do these audits and it is the job of "we the people", including Wall Street, to ensure the government does this job fairly and honestly.  So I say to Wall Street here, get involved in the development of a governmental audit system that works for everyone as best we can and do it now, because you're dream that the private sector will self-regulate in a free market is just that, a dream.  Wake up and be one of "the people" and ensure that "we the people", our government, yours and mine, can do what it needs to do to ensure that businesses are who they report themselves to be.  It will prevent your investing in fantasies that have no returns.