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credit rating agencies. S&P

Taking on the Little Guy, but Missing the Bigger Ones

The Securities and Exchange Commission seems to think that it has done a much better job of investigating financial crisis wrongdoing than the Justice Department. And it’s true.

But it’s like being proud that you’re the “Dumb” of “Dumb and Dumber.”

A case the commission filed last week epitomizes a lot of what’s wrong with the agency, even under the supposed overhaul by its chairwoman, Mary L. Schapiro.

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