That name sounds familiar. I recall also his describing how they would "work up the chain". Where they had evidence of culpability at a lower level, they woul

That name sounds familiar. I recall also his describing how they would "work up the chain". Where they had evidence of culpability at a lower level, they would use it to apply pressure to "flip" such employees against their management. I think the description you cite is well taken. I know someone who is fairly senior in the SEC. They have more or less confirmed what I've also read. The SEC is supposed to be self-funding. The revenue they take in (fees, etc.) has been far in excess of their budget. Instead of staffing up (woefully needed; occasionally promised -- most recently a couple of years ago; never delivered), Congress -- who sets their budget after incorporating that revenue into the general budget -- has treated them as a cash cow. People need to look beyond "regulation is good/bad" labels, to learn and understand what is actually going on -- the specific circumstances.