In what many believe to be his greatest movie, Bill Murray gets to re-live (over and over and over) Punxsutawney, Pennsylvania’s annual festivities in Harold Ramis’ “Groundhog Day.”1 These days, the Securities and Exchange Commission must be feeling a bit like the Murray character in that movie (Phil Connors).
It is not bad enough that the commission’s prestige is at an all-time low with Congress, in large part because of its failure to detect and prevent the Madoff catastrophe. And, of course, the agency has been beset with other hits to its public standing (e.g., referral to the Justice Department’s Criminal Division of the conduct of the SEC’s General Counsel, destroying 9,000 internal documents of matters under investigation, etc.). In the litigation context—a place where it has had (at best) a decidedly mixed track record,2 the SEC has had two recent, stinging setbacks, and it may well be poised for a third.
SEC Rule-Making
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