How To Fix The SEC

Law360, New York (February 24, 2009, 12:00 AM EST) -- In remarks this February at the annual SEC Speaks conference in Washington, D.C., new SEC Chairman Mary Schapiro pledged “determination, hard work, toughness, and above all, an unrelenting will to stand up for investors” during her tenure at the agency’s helm.[1] Her remarks were timely.

The list of recent SEC fumbles reads like a bullet-point summary of the current financial crisis: the Bear Stearns implosion, the short-selling rule gaffe and, of course, the Madoff Ponzi scheme.

Schapiro also promised to make what appear to be meaningful...
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