Who Needs the SEC?

"The game is certainly changing and becoming more creative. This is reinforced by the change in the [SEC's] Mission Statement on December 23, 2005. Prior to the change the statement read as follows: 'The primary mission of the [SEC] is to protect investors and maintain the integrity of the securities market.' The new statement read [sic] as follows: 'The mission of the [SEC] is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.' As you can see, the word 'integrity' was deleted and 'orderly' was added. It is obvious the new position of the SEC is to accomodate the Wall Street insiders and their creation of new financial products", Bob Coleman at http://www.gold-eagle.com/, 8 December.

This has been the SEC's role for decades. What's new is the SEC is so stupid, or bold, it now admits its real job.