Nobody complains when their boots are being flled and the government is half-bright enough to know it can't take away the punchbowl with impunity. Some folks were warning about finance at Enron; about earnings manipulation etc, even while the NASDAQ was still rising. Nobody paid much attention until the bust was in. We're only just now seeing a sniff of some folks maybe being jailed.
It's very easy to hide financial problems in a rising market and it's even easier to get forgiveness from aparently rich stockholders. It's very hard to hide the holes created when the markets start falling. The stockholders by then are also looking for someone to lynch.
Here, nobody was much interested in the "Golden Circle" in the splits trade when the funds all seemed to be doing well. Everyone is trying to blame everyone else now.
If there really is fraud, then it'll become quite apparent when the holes in the accounts appear in the bust. At that point I suspect that homeowners will be lookimng for scapegoats to blame for their own stupidity, with shareholders and mutual members probably just as miffed. The government will go along with hanging the scapegoats out to dry just to avoid being hanged themselves.
Of course if things run to type, it'll turn out that some from the ruling party are in on it, whatever it turns out to be.
That said, you have to wonder whether you need dynamite if the fish will simply throw themselves into any boat with the word "loan" in its name. At least the folks selling endowments had to do some work.
FoFP