So says a former SEC lawyer:
The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained by Bloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.”
http://www.zerohedge.com/news/2014-04-08/retiring-sec-lawyer-crucifies-his-employer-its-cancer-collecting-pennies-bankster-tu
There is more at play here than incompetence; it's definitely starting to look like complicity. Considering that SEC failed to notice the crimes of Bernie Madoff and apparently is condoning what the flash traders are doing, I would say that SEC is looking more and more like a willing accomplice to the greatest financial crimes of our day.
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