Neglecting their fiduciary responsibilities

MANIFESTO

The salacious activities of too many SEC employees might be amusing were it not for the fact that, as Rep. Darrell Issa (R-Calif.), ranking Republican on the House Oversight and Government Reform Committee, puts it, it's

"nothing short of disturbing that high-ranking officials within the S.E.C. were spending more time looking at pornography than taking action to help stave off the events that brought our nation’s economy to the brink of collapse ... This stunning report should make everyone question the wisdom of moving forward with plans to give regulators like the S.E.C. even more widespread authority."

Indeed, the Obamans' economic reform plans include giving the SEC more power in overseeing various financial strategies. It'll be interesting to see if any federal legislators now think this is a good idea.