/ Intelligent Investing: Nero's SEC Violin Concerto

January 26, 2010

The Street Sweeper by Bill Singer

Nero's SEC Violin Concerto

On Jan. 14, 2010, the Securities and Exchange Commission published a 74-page document that, in the unique parlance of Washington's do-nothing, time-wasting bureaucrats, is described as a "Concept Release on Equity Market Structure."

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[N]ow? Now is the time that the Securities and Exchange Commission decides to start "conducting a broad review of the current equity market structure"? Mind you it's not just an old-fashioned, regular-way review but the far more impressive "broad" review. It's so broad that it takes 74 pages just to explain what's involved. How many SEC staffers and staff hours do you think were invested in churning out this expansive document? Perhaps as many as were allocated to catching Bernie Madoff? OK, you're right, cheap shot.