Look, I’m not saying this is a bad idea, but why must everything out of the Securities and Exchange Commission sound so god damn dumb? “Fraud college”? Is sticking “college” on the end of it supposed to make the thing seem prestigious? Like Hamburger University? It’s called telling people how to do their jobs, and not get the shit ridden out of them by the most famous dick in the world. It doesn’t need a name (though kudos for having the restraint to not call it the “fraud institute”). And then you have Dean of Students Schapiro chiming in that this unbridled genius blows her mind?
The Securities and Exchange Commission may create a “fraud college” to train staff in detecting market abuses after the agency failed to stop Bernard Madoff’s $65 billion Ponzi scheme, Chairman Mary Schapiro said.
“The fraud college concept is a great one,” Schapiro said today at a joint meeting with the Commodity Futures Trading Commission in Washington. Coordinating fraud-detection training with the CFTC “would be particularly valuable,” she said.