SEC officials have bragged about taking on a heavier case load in 2011 despite "resource constraints" and increased Washington scrutiny. The actual performance seems a bit less clearly impressive.
Bloomberg crunched the numbers and found out that while the SEC did file a record 735 actions in 2011, a lot of those cases were following up old cases.
Strip out the 230 administrative proceedings, and the regulator actually opened 10% fewer cases than it did in 2009.
Granted, there might be less trouble for the SEC to investigate than there was in the wake of the Lehman Brothers collapse, but that seems unlikely given the amount of securities fraud we still see, week after week.
If anything, the SEC is still digging out from a big load of pre-Madoff complaints and figuring out how to handle its post-Dodd-Frank responsibilities.
Still, their funding has increased -- just not as much as they or the White House wanted.
Still, SEC funding