Wednesday, July 13, 2011 8:52:27 PM
"But regulators said there is a core problem with tackling the reverse merger question head on because mergers come under state rather than federal law.
"We don't have a way to say, 'You can't do reverse mergers,'" said the SEC's Cross. "Because the issue of whether someone can merge is not an SEC question, but a matter of state law, it's not something where we could just wave a magic wand and say, 'we're not going to let reverse mergers happen anymore.'"
http://m.ibtimes.com/where-was-sec-as-trouble-festered-at-chinese-companies-177877.html
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