By last summer, most of the criticisms that are now being thrown at the SEC were already out on the table…. Twelve months later, none of this has changed. We still know pretty much what we knew last summer. But are we actually appropriating the doubled SEC budget – paid with Wall Street user fees – that Congress saw as necessary and promised just last summer? No. Instead we’re hearing from well-meaning but high-priced management consultants about things like “optimization initiatives”; “time-phased multi-year implementations”; “cross-work-stream integration points”; and an “executive data governance council” to develop “optimized enterprise data architecture.” What has this got to do with the active capital formation, efficient trading markets, and fraud detection we need so desperately today?
Read more: Testimony of Stephen J. Crimmins Before House Committee on Fin. Services, Sept. 15, 2011 — Congressional testimony