Carly Fiorina: There is no substitute for ethics.

And Blitzer have to ask Fiorina of all people about the Madoff scandal?

Crooks and Liars:


Carly Fiorina on Late Edition Nov. 21, 2008. Too bad she didn't apply some of these same standards to herself when she headed HP.

BLITZER: Carly, what's the most important lesson people out there, around the world, right now, should learn from this Bernard Madoff scandal, this alleged $50 billion Ponzi scheme -- not only wealthy people losing everything but a lot of charities losing everything as well?
What happened here? What's the most important thing we have to learn from it, to make sure it could never happen again?
FIORINA: Well, I think two things. And I recently wrote an op- ed in The Wall Street Journal, saying this. First, every financial instrument and all financial institutions, regardless of their nature or their type, need to be visible and transparent to appropriate regulators, period.
We cannot have huge pools of capital that are simply opaque to regulation.
BLITZER: So much more regulation?
FIORINA: We need a strong and sensible regulatory framework that doesn't choke capitalism but that can see and act on what it sees. But, secondly -- and this is my message to business people all over the world -- there is no substitute for ethics. Yes, people need to be responsible about their investing, but dishonest business people need to go to jail. They need to have the full extent of the burden of the law brought to bear.