Some called Beverly Hills financial adviser Stanley Chais an investment wizard, but in reality he was nothing more than a glorified middleman, channeling hundreds of millions of dollars in investors' funds to Bernie Madoff in New York.
How convenient for the judge and the media to paint Bernard Madoff as Mr. Evil, a uniquely venal blight on an otherwise responsible financial industry in which money is handled honestly and with transparency.
There has been talk about appointing a new "Systemic Risk Regulator." This "Super Czar" would oversee all of the financial services industry. We had a "Super Czar" last year. His name was Henry Paulson.
Today Fortune editor Geoff Colvin looks at four potential repositories for blame in our ongoing saga of doom. They're a credible group of whipping boys, from Greenspan to Clinton to the collapse of regulation.