Younger readers of this column may be surprised that when I first started practicing law in the late 1970’s—and for many years before and after that—the Securities and Exchange Commission was considered a model government agency in terms of its effectiveness and efficiency. As a result, it was considered a prestigious place to work, especially for those beginning their career. Unfortunately, today no one is surprised that the SEC is ending 2011 with another self-inflicted wound. Read more in the Wall Street Journal here.
