Budd: To speak of semiotics, it seems, from the ne

Budd: To speak of semiotics, it seems, from the news, the SEC did everything except parade through the capital with a brass band to celebrate their 80th anniversary on June 6, 2104. Ceremonies, speeches, tributes, and retrospectives. And on that day of all days, the securities watchdog chose to banish SKTO and AEGY as a twofer to the Grey Sheets Detention Center. On top of suspension, was the timing of the order intended as sharp rebuke to the principals of the two firms and their collaborators? Lawyers can be tough on other lawyers who cross the line. Benz is a lawyer. So is the SEC-banned Robert Hipple who signed incorporation papers for IEquity Corp as agent. Lawyers at SEC would have had to approve the suspension. As a top bond executive told me, the SEC doesn't suspend unless they have enough evidence that would hold up in litigation.

Historical footnote. After the crash of 1929, investors were writing to DC and calling for an end to "daylight and legal robbery." The old letter shown here could just as well be sent today with minor edits about "daylight and legal robbery" on the Pinks. Nothing new under the sun.