I'm more convinced now than ever that reform needs to take place. I know we can't just jump in and say "it's a scam" to halt trading but someone needs to..
Well... Most people in the markets complain that there's too much regulation. We do have a good regulatory structure, but it isn't always optimally employed. One problem is the very high rate of turnover at the SEC. Another is how long it takes for the agency to investigate and litigate cases. And another is that the Chair is appointed by the president, and usually doesn't stay longer than four years, even if the president is elected to a second term. The other commissioners have five year terms. Some stay longer, but there are always two Dems and two Republicans. The Chair is always the same party as the president, or, rarely, an independent.
So that makes some of what the SEC does more political than it really needs to be.
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