Forbes' Intelligent Investing: It's Not Personal -- It's an Institutional Thing

May 28, 2009

Two SEC attorneys are being investigated for insider trading. But don't worry, it's not Mary Schapiro's fault.

By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com

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.

http://www.forbes.com/2009/05/27/securities-exchange-commission-intelligent-investing-regulation.html

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