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My friend Chris Wiggins sent me this link just now, about how the SEC lets big banks get away with whatever they want to in the name of investors. Aargh!

I was discussing the impotence of the SEC with someone at the SEC recently and here’s what I said. Lots of people think you need to pay people at the SEC as much as the bankers get paid in order to have an SEC with balls, but that’s not true. It’s about power, not money. If I knew that, as an SEC employee, I’d be able to walk into Citigroup, put handcuffs on Vikram Pandit, and perp walk him out of the building, that’s a job I’d take in an instant, even at government salary.