As I read it on the train on my way to New York, I felt that this editorial was right on the mark. No one expected that the very next day Mr. Purcell will go on to prove how justified those concerns are.

I must also admit that I was pleasantly surprised by the sudden demonstration of SEC's backbone. Of course it could also be because Mr. Donaldson is set to testify before the senate next week. (Donaldson's letter here).