On the issue of "disclosure", I am still trying to develop a position on this. The issue of "disclosure" was especially germane to the Madoff case as several people/corporations realized what was going on but failed to disclose to the public. Since these people/corporations were hired to investigate they may not be obligated to disclose. However, in the case of Goldman, where Goldman was playing both sides of the trade, the failure to disclose could be considered criminal.
What is also interesting in this continued financial discussion is that CNBC is still continuing with its one-sided executive compensation (and banking profits) debate lamenting how regulating executive compensation (or banks) would be unfair. What is missing from this debate is an economic basis for high compensation or high corporate profits. If we had a real competitive working environment/banking system margins would be driven down by competition meaning that executive compensation would be skimpy and profits would be slim. Yet CNBC never seems to consider that viewpoint.
At least one guest host today on CNBC noted that excessive compensation deprives the shareholders of a return on their investment. Well, I suppose that is a start.