SEC: Better never than late

The Securities and Exchange Commission has been remarkably quiet as the Federal Reserve and the Treasury have tackled the worst financial crisis in decades. That is until this past week, when the regulator led by Christopher Cox barged onto the stage in shambolic fashion. Its new rules on selling short the securities of Fannie Mae, Freddie Mac and primary dealers of Treasurys are more symbolic and confusing than effective. Although clearly an attempt to restore confidence in battered financial c...