Another way to put that question is, if the customer's money is gone, why hasn't Jon Corzine been arrested yet?
This item is fascinating, and disturbing. It links to a statement by a broker who has shuttered her business and gotten out of the commodities and futures markets because she believes that they are on the brink of complete collapse. There's also quite a bit of political hyperbole, so I'm uncertain how much to believe.
But there's no doubt that a regulatory failure of this magnitude shouldn't have happened. Crony capitalism indeed.