Now We Know Who Regulates the Regulators

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One of our favorite hobby horses is finally getting a real ride. We’ve often pointed out that Gary Aguirre charges against the SEC, made under oath before a Senate committee, were very serious and deserved serious investigation. Now it seems that someone’s been listening. The New York Times reported this morning that Senate Finance chairman Charles Grassley has greenlighted an investigation into the SEC by the Government Accounting Office.
If you thought the SEC was full of dullish accounting mavens and lawyers, you haven’t seen anything yet. The GAO is like the special forces of super-nerds. Basically, as good as it gets when it comes to government accounting (which is almost an oxymoron).
So, yes, it is on.
S.E.C. Facing Wide Review of Practices [New York Times]

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