I have for a while now been waiting to hear anybody in power say that in this whole crisis there are things that should be regarded as fraud. I have not heard anybody come even near to this, but at last, I have heard menzies Campbell on Any Questions use the word negligence. It is at least a step in the right direction.
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Questions and Reflections 
Far too many lawyers about for anyone to dare to use the word fraud. Maybe just far too many lawyers, too much law.
Anyway the crises was not caused by fraud, though there may have been fraud along the way.
Truth is, Robert, no government can have the ability to competently regulate the money market.