A Close-In Look at the SEC's Revolving Door

My Portfolio.com column today is a close look at the SEC's revolving door, and how it contributed to the disgraceful treatment of Allied Capital and David Einhorn. The column can be found here.

The inspector general report is an incredible document, and I quote from it at length in my article. Unfortunately it lives down to all the expectations some of us have had about the SEC for quite a while--particularly concerning the influence of the "revolving door" of ex-SEC officials representing companies before the SEC.

Companies are entitled to the best representation possible. But the taxpayers shouldn't be subsidizing what has become a training course for ambitious lawyers--or as the OIG report puts it, "aggressive counsel."

© 2010 Gary Weiss. All rights reserved.