Re "Wall Street needs to be schooled in the rule of law" (Editorials, Aug. 21): I applaud the editorial but I find the claim by the SEC that they lack the needed "firepower" to be a bit surprising.
According to the American Bar Association, the SEC in 2011 had more than 1,000 attorneys. That seems like a lot of "firepower".
And if the SEC were to eliminate the requirement that applicants must have at least one year of experience, I'm certain that there are many competent and highly motivated attorneys who have graduated since 2007 (including myself) that would be happy to try holding the wrongdoers on Wall Street accountable.
Perhaps these new attorneys would be more interested in doing the job than in considering how to monetize their public service by working for Wall Street firms when they leave the SEC?
This seems more like a lack of political will than a lack of firepower.
-- Donald D. deRosier, Carmichael