Irony

I haven't seen this reported, but it strikes me as ironic that the Skilling-Lay convictions came one day before the 72nd birthday of the SEC. The agency was born on 26 May 1934, with this declaration by Senate staffer Ferdinand Pecora: "I think that the stock market bill will purge the securities market of the evil practices shown to have existed in the past. The bill spells the end of the manipulator, jiggler and pool operator."—Well, not quite the end.