Not much has changed since 2009 when two high profile SEC lawyers were caught red handed trading against SEC policy: http://www.cbsnews.com/news/sec-attorneys-probed-for-insider-trading/ Four years and no disciplinary actions later, not much has changed. New FOIA data shows SEC employees are still misappropriating inside information from their jobs to front run the public ahead of enforcement actions and benefit personally. Brought to you by the same guys who exposed Congressional insider trading, here's their latest paper: http://ify.valuewalk.com/wp-content/uploads/2014/02/SEC-Stockpicking-Skills.pdf 9% alpha would do a hedge fund manager proud. Think how good they would be if they didnt suck at trading everything else they tried - foreign stocks, bonds, ETFs and funds, etc.
This just can't be true. We know all regulators are selfless angels protecting us from greedy pigs on Wall St. Don't try to change my closed mind!