The announcement yesterday that New York Attorney-General Andrew Cuomo  is seeking $US150 million in damages from mega accounting firm Ernst & Young over the collapse of Lehman Brothers is indicative of just how irrelevant Australian corporate regulators have become. While US authorities have taken legal action against the likes of Ernst & Young,  Goldman Sachs, Ponzi-scheme operators Bernie Madoff, Alan Stamford and Marc Dreier and Countrywide’s Angelo Mozilo -- ASIC, Australia’s so-called corporate watchdog, has laid no criminal charges and only a smattering of civil actions against the villains of the GFC.

In the claim against Ernst & Young, Cuomo claimed that: