A Lack of Accountability: The Real Obscenity at the SEC | Mark A. Calabria | Cato Institute: Commentary

A Lack of Accountability: The Real Obscenity at the SEC | Mark A. Calabria | Cato Institute: Commentary: 'Worse, we also know several employees spent a considerable portion of their work day visiting pornographic websites, rather than monitoring the capital markets. The most obscene part, however, is that years after these discoveries have been made, the employees in question have yet to lose their jobs.'

'This is just another example, in a long list, of why relying on the relatively weak incentives of government regulatory oversight is inferior to relying on the strong incentives contained in market participants having their own wealth on the line.'