WALL STREET: Back to Philadelphia

As if the U.S. were back in 1937, Wall Street and SEC last week belabored each other with adjectives. A lawyer named Twombly said SEC was "unjust, unfair, un-American." SEC replied by exhuming the ghost of Dick Whitney. A new war had started over how to keep the peace.

Why Now? The House Interstate Commerce Committee last week concluded hearings on proposed amendments to SEC's two basic acts, the Securities Act of 1933 and the Securities Exchange Act of 1934. Wall Streeters were more hopeful of winning an SEC fight than in many a...

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