The news that both the Securities and Exchange Commission and the Department of Justice have opened probes of Senate Majority Leader Bill Frist's recent skulking about on Wall Street offers some welcome illumination concerning the current state of law enforcement on capitalism's street of dreams: Basically, there ain't none . . . and what little that exists is driven mainly by the press.
As a result (and as has been argued many times in this space over the past couple of years), it may not yet be possible to get away with murder on Wall Street. But if you keep your felonious behavior to a level that doesn't breach the frontiers of grand larceny, you can make a nice living on Wall Street as a white-collar lawbreaker.
Given the facts of what Frist actually did, and his preposterous after-the-fact explanations for them, the senior senator from Tennessee may go down in history as the Volunteer State's biggest liar since Davy Crockett.
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