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November 5, 2009, was a good day for the Securities and Exchange Commission. At a press conference with the U.S. attorney’s office in Manhattan, new SEC enforcement director Robert Khuzami announced that his agency was bringing civil charges against 13 people associated with the Galleon Group insider trading scandal. In the post-Madoff era, it was a chance for the SEC to show that it is back on the beat aggressively policing the securities markets. And it was an opportunity for Khuzami, who can mix financial crime gravitas with Jon Stewart–age ironical detachment, to set a different tone.

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