Who’s protecting investors from bailed-out bankers?

Watch out investors — the Securities and Exchange Commission has forgotten why it exists. You’re on your own. The latest proof? The SEC admitted it was doing nothing in the face of Lehman Brothers’ crisis-leading fraud. The Lehman bankruptcy examiner’s report maps out, at a minimum, Sarbanes-Oxley charges against CEO Dick Fuld and other key executives. Lehman was using an accounting gimmick to misstate its financial condition by some $50 billion. But the gun shy SEC isn’t willing to sue, fearing that even in today’s Wall Street executive-hating world a jury would vindicate Fuld by interpreting ’subjective’ accounting rules in his favor. See MSN Money report here.