FT: Luxembourg regulator acts to salvage reputation
Once a reputation is tarnished, repair is a large undertaking. FT goes into the Petercam and Madoff affairs in Luxembourg, and CSSF's handling thereof. It lays the finger on the dysfunctional relationship between regulation and justice. Madoff investors didn't know they invested with Madofff and that the custodians weren't UBS or HSBC. Investors are still battling. It may take years.
The final quote in the articele is from a business lawyer: "But I wouldn't be inclined to criticize them because we work with them every day".
Sounds like the source of the evil.
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