The U.S. Securities and Exchange Commission is ending its program to supervise large independent investment banks now that the five participants have collapsed or reorganized.
The announcement Friday coincided with criticism by the SEC's inspector general of the agency for failing to properly supervise broker dealer risk assessments in a program run by the Division of Trading and Markets.
Stage direction: SEC officials mount their horses, tip their hats, and ride off into the sunset. Pan back to show village burned to the ground and citizenry slaughtered, voiceover by Wilfred Brimley waxing poetic, "They did what they came to do. Their work here was done."
SEC ends program to oversee investment banks [Reuters]