The SEC has a history of massive fuck-ups. We know this. But, to date, many of these fuck-ups have a logical explanation. Missing Madoff’s multi-billion dollar scam for years and years? Bernie was just such a “captivating storyteller” that they got “distracted.” The whole Allied Capital thing? They though it was that wily David Einhorn, trying to throw people off his trail! Today comes word the Commission has added another notch to this particular bedpost, via letting a guy who turned himself go off and get his MBA for a few years before charging him with fraud. Continue reading »