Wall Street's again celebrating, and why not. Only bankers could love this type bill. They had to. They wrote it. It opens greater avenues for grand theft.
The SEC long ago abandoned its regulatory mandate. Under financial industry insider Mary Schapiro, it's in safe hands. Her job just got easier. The bill eliminates SEC reporting requirements for enterprises with annual revenues up to $1 billion.
The implications are obvious. Not only will big fish steal freely, so will smaller ones.