SINGER: Odd, isn't it, how our regulatory system is patrolled by career regulators who should know what's going on--after all, they've been on the job for years--but it's always the predecessor's fault? I'm not sure which inference is worse. For years, career regulators were aware of deep-seated, systemic problems but failed to do anything about these shortcomings.
Or those same folks lacked the competence to uncover the problems and permitted them to persist. Truly, this shouldn't be a conversation about the failure of prior SEC chairs Cox, Donaldson, Pitt or Levitt. We need to frame this issue for what it is: the failure of the SEC as an institution.
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