Hindsight is 20/20: The NY Times reports the country's "largest independent securities regulator found that its staff members had missed numerous red flags that would have uncovered frauds run by Bernard L. Madoff and the Texas billionaire R. Allen Stanford." Apparently the Financial Industry Regulatory Authority’s "predecessor, NASD, did not act from 2003 to 2005 on 'credible information from at least five different sources claiming that the Stanford C.D.’s were a potential fraud.'" While no whistleblowers specifically contacted Finra about Madoff (the SEC was warned), Finra did find " several facts worthy of inquiry...that, with the benefit of hindsight, should have been pursued."