Again and again, the SEC has been last to the scene of the crime. What is going on? First, it has been hobbled by a deregulatory mindset that staffers had to buy into if they were to advance. Second, for many the expectation is strong that they will return to the "regulated" side of the aisle, and this can deter them from making waves as regulators. Third, under a "settlement culture," enforcement staffers advance by settling their case load. Maybe it's time for the SEC to stop settling and start fighting.
The Lessons of Madoff
The National Law Journal
March 16, 2009
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