Is Madoff the Tip of the Iceberg?

I'm Speechless, at least for a few minutes…

The Madoff case reminds us that:
1.) Our financial service industry is riddled with corruption.
2.) The SEC is likely beyond repair.
3.) Our Accounting System is failing.

How can we rely on the balance sheets and P&L's of publicly held companies? Are the Big 4 accountants asleep at the switch? Is there any real oversight provided by the SEC other than deadlines and requirements?

We must react to these piercing alarms of the insane world we are living in. We need the good guys to take control and rewrite the rules to restore credibility and confidence.

Kind of like a superheroes movie with "Superaccountants", perhaps an Underdog Character shaped like a pencil.

All kidding aside, let's go President Obama...