asic chairman interview on four corners

ASIC chairman Tony D'Aloisio was on four corners tonight responding to Australians who lost on the Goldman Sachs CDO's investing through Basis Capital in Australia. He describes ASIC's role at the 7 minute and 30 second mark, as like being a policeman called to the scene of an accident and making sure they get taken to hospital. That's who's looking out for us, big bad ASIC baring their ferocious teeth. Oh and he's retiring in less than a year, to pass the baton on. He raves on about "sophisticated investors" needing to be aware of risk rewards, no mention of ASIC intervening when fraud takes place.

basically "caveat empteur" let the buyer beware

http://www.abc.net.au/4corners/special_eds/20100614/debt/