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The SEC Clarifies Its Role

The direction the "new SEC" is heading is becoming clearer and clearer. Instead of asserting itself as the protector of legitimate financial markets, the SEC appears content to simply act as toll booth collector for those who play fast and loose with the law. This week alone has demonstrated the new motto of 'settle and move on' is firmly entrenched in Mary Schapiro's troops. Between Hank Greenberg's $15 million and BAC's $33 million parking tickets, the agency is making it crystal clear that it has taken a page out of the government's auto industry playbook and has turned itself into a pre-packaged settlement factory. Far from preventing fraud, the SEC is providing price discovery for those looking to engage in it.
SEC Settlement Tactic Raises Questions [WSJ]