10 Things the SEC Won't Tell You - SmartMoney.com: "The collapse of energy giant Enron in 2001, the bankruptcy of Lehman Brothers in 2008 and Bernie Madoff's multi-billion-dollar Ponzi scheme in 2009.
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To be fair, experts also point out that the agency faces a near-impossible job as the watchdog of Wall Street. Nonetheless, "it's also up to the SEC to manage that expectation," says Michael Josephson, former law professor and founder and president of the non-profit Josephson Institute of Ethics in Los Angeles, Calif. "It knows better than anyone what it can achieve."
Meanwhile, individual investors are learning to do their own due diligence when it comes to choosing brokers and advisers, says Seth Rabinowitz, partner at management consulting firm Silicon Associates. "For those who do feel protected, they are ill advised to feel so safe," he says. "The SEC regulates what companies disclose, but it often doesn't do a very good job.""
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