SEC — Wall Street Revolving Door Not the Problem

In a Sunday op-ed piece in the NY Times, Michael Lewis and David Einhart argue that the revolving door of SEC enforcement attorneys to high-paying Wall Street jobs is a deterrent to the SEC working hard to penalize serious corporate and management malfeasance. They add that the “perfectly obvious” answer to this problem is to “forbid regulators, for some meaningful amount of time after they have left the S.E.C., from accepting high-paying jobs with Wall Street firms.”  I think this suggestion is off-base, and may have an opposite effect to that which is intended.  Click here to read my post on the Enforcement Action blog.