The senate finance committee and the Government Accountability Office are both taking a harsh look at the Securities & Exchange Commission. Its about time. One thing on the agenda is the SEC's questionable handling of an insider trading case involving a $7 billion hedge fund. But the bigger issue is that the federal agency charged with safeguarding investors is on the verge of becoming irrelevant. If you want protection from investment pitfalls, you're going to get it from the private sector.
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