A very invigorated and activist Michelle Caruso-Cabrera points out what Zero Hedge has been claiming for some time: that the SEC should be disbanded post haste (although it appears Michelle's gripe is more with the lack of individual responsibility by the American citizen...alas that is arguably the mootest point in the history of the universe- exhibit A: McDonalds desert wrappers that claim "contents may be hot," to avoid frivolous multimillion dollar lawsuits from idiot customers). At least the former SEC Chairman Harvey Pitt confirms that the SEC (and the Rating Agencies) has been an abysmal failures in detecting and preventing any form of market abuse, and frankly, does not deserve a one cent budget, let alone $900 million:

Those who sit back and think that they can rely either on the government or rating agencies or even third party experts, are making a huge mistake.

Thank you Harvey, we could not have said it any clearer ourselves. As a former Chairman of the agency you should know.

Yet Pitt is correct in the following:

"I think the most important thing for the government to be doing is getting a constant flow of significant data from everyone who takes money from the investing public and then analyze that information, and disseminate it back to the markets. We are not seeing that and therefore our markets are not transparent."

Start immediately with those who now effectively run the markets.