Quote of the Day (Caroline Crenshaw, on the SEC and Markets That ‘Start to Look Like Casinos’)

“It has been unsettling to see how precipitously one Commission [the current U.S. Securities and Exchange Commission] is willing to undo the work of the Commission that came before it—all without a single notice-and-comment rulemaking to date.  I’m concerned that the fundamental precepts upon which our markets have been built—tenets that have, by and large, kept our markets safe for both issuers and investors alike—are being eroded.  I fear that the very core of our intricate market structure is under attack.  And instead of safeguarding our markets for investors to fund their retirements in safe and sustainable ways, we are moving in a direction where markets start to look like casinos.  The problem with casinos, of course, is that in the long run the house always wins.”—American attorney and current SEC member Caroline Crenshaw, “Speech by Commissioner Crenshaw on Investor Protection and Market Transparency,” Harvard Law School Forum on Corporate Governance, speech delivered Dec. 13, 2025

The image of Caroline Crenshaw that accompanies this post, taken Nov. 9, 2020, comes from the SEC.