SEC 'Concerned' Over Failure of Oversight

We constantly hear the word oversight, regulation, and czar bandied about as though some magical governmental wizard will somehow cure, prevent, or fix whatever industry maleficence is taking place.

Now with the Madoff case hitting the fan, experts are asking how this scheme wasn't picked up earlier, including the SEC - you know that governement agency responsible for keeping an eye out for these things.

Meanwhile we are discussing an auto-industry czar to enforce government demands tied to the pending bailout.

I'm sure the Car Czar will do a fine job, no really.