At the SEC, the search for fraud was left largely to others -- private auditors and boards of directors, which were either doodling at their desks or were engaged in conflicts of interest that made it unlikely they would ever bark at corporate fraud or crimes,

Accountants don't currently learn what motivates fraudulent conduct, how to spot the signals, how to prevent fraud from occurring and much more. As it stands now, auditors are fighting a war without being taught how to recognize the enemy. Until that changes, expect more heavy casualties.

Just ask the people holding accounting degrees. 'How much did you learn about fraud in college?' The shocking answer: little or nothing.

The cost of settling private class action securities fraud litigation continues to rise. The price of poker is going up.

intended to forestall any more immediate response.

I share the anger, but, ultimately, to govern this country, it takes more than anger. It takes experience. It takes positions that reflect the best values of the American people.