A year ago, the Securities and Exchange Commission was the target of jeers such as its lawyers “couldn’t find ice cream at a Dairy Queen.” Members of Congress were seriously considering stripping away agency powers in a regulatory overhaul.
Now, the SEC is all but swaggering down Wall Street in the wake of the April 16 fraud complaint against The Goldman Sachs Group Inc., as well as an across-the-board rise in enforcement activity. But securities lawyers wonder whether the SEC, in a bid to prove its re-emergence as a tough cop on the beat, has bitten off more than it can chew.
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