[TuringNYC]

>> But it's shockingly easy not to and auditors couldn't possibly catch all of the instances of non-compliance

Regulations are usually backwards looking. So at least we never get Enron/GlobalCrossing/etc again.

Then another waves of crises happen, and we get new regulations.

So Fannie/Freddie happened in 2004-2007 and we got brightline guidance and application of FAS91 and EITF-9920.

So then AIG/Lehman/Bear happened in 2007/2008 and we got Dodd Frank. Again backwards looking but we end up in a better place.

The regulation stacks upon regulation, but I think this is good.

[oblio]

> The regulation stacks upon regulation, but I think this is good.

The correct way to think about it is scammers versus law makers.

Scammers are both trying to scam and also to blend in.

So it's hard at first to draw lines.

Them the lines burst onto the scene, when scammers become obvious.

So law makers write that up, and scammers have to find something new.