SEC to Start Doing Its Job!

From Marketwatch:

SANTA MONICA, Calif. (MarketWatch) -- It was created in 1934, but just this month the Securities and Exchange Commission decided to form an Investor Advisory Committee charged with protecting investors and to give people a voice in oversight.

Um, excuse me, but wasn't this supposed to be the SEC's mission all along?

The whole reason the U.S. created the agency in the first place was to regulate the stock market and stem abuse following the Great Crash of 1929. Look at how it has strayed, representing largely the interests of Wall Street at the expense of Main Street.

Indeed, during the Bush administration, SEC Chairman Christopher Cox routinely was criticized for passing rules and regulations that weakened investors' rights. For years the commission was warned of Bernie Madoff's scam but chose not to fully investigate.

Commenting on the committee's formation, SocialFunds.com said it's a "marked departure from many of its activities under the previous administration." The agency admitted it fell down on the Madoff case and others. Lapses of enforcement have been chronic and well publicized.