Many readers doubtless shared my doubt that the SEC was capable of exercising the critical self-examination and sense of humor about itself as a flawed institution that would make it capable of deliberate irony. When I accessed the Wall Street Journal’s home page I found the most delicious example of SEC (and WSJ) irony. The WSJ synopsis of its article on the SEC reads: “The SEC is filing significantly fewer civil fraud cases this year, as its efforts to punish misconduct related to the financial crisis start to ebb.”
“Start to ebb?” Is it only me, or have other readers missed the tidal bore of SEC enforcement cases “punishing” the “misconduct” of the most culpable, elite perpetrators of what even conservative finance scholars describe as “pervasive” accounting control fraud by our “most reputable banks”?
via William K. Black: The SEC Embraces Irony — its Enforcement “Inflection Point” — Huffington Post