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A victory for common sense in the Falcone case

"The admission of wrongdoing by Philip Falcone, pictured left, and his hedge fund Harbinger Capital Partners, along with a five-year ban from the securities industry, is a step in the right direction for the Securities and Exchange Commission.

"The deal with Mr Falcone (documented here) is the first evidence of a tougher policy on serious regulatory breaches by the SEC under Mary Jo White, its new chairman. This actually requires the offenders to admit to something when they settle and pay a fine.

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