Is there a bigger joke in Australian regulation than the Australian Securities and Investment Commission?

Journalist Adele Ferguson's excellent exposé of ASIC's stunning lack of interest in detailed evidence provided by whistleblowers on misconduct within the Commonwealth Bank, which has led to a Senate inquiry into the regulator, is only the latest revelations about ASIC's remarkable ineptitude. Whether it's failing to successfully prosecute references from the Australian Stock Exchange, waving through exemptions on financial reporting, a failed seven-year investigation of Offset Alpine and Trevor Kennedy, the regulator's spectacular failures on Westpoint and Storm, its abandonment of any action against ABC's Eddy Groves or its miserable litigation record, ASIC is a byword for incompetence.