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The SEC was established to enforce federal securities laws, the security industry, the nation's financial and options exchanges, and other electronic securities markets and instruments unknown in the 1930s, including derivatives and other forms of speculation. In principle, it's charged with uncovering wrongdoing, assuring investors aren't swindled, and keeping the nation's financial markets free from fraud and other abuses.
That was then, but no longer. Under George Bush, the SEC was more facilitator than enforcer, a paper tiger, not a guardian of the public trust. It:
-- turned a blind eye to fraud and abuse;
-- protected Wall Street, not investors;
-- neutered its enforcement staff's authority;
-- adopted voluntary regulation;
-- let investment banks hold less reserve capital;
-- freely use leverage;
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