"The adjective competent is seldom applied to the Securities and Exchange Commission. Probably the public perception of the SEC is that it is a great place to work, a pleasant place, where lawyers can download and view porn while Wall Street and Washington anguish over financial meltdowns and collapsing credit markets, an institution that sustained a benign view of Bernie Madoff for 12 years, almost until his arrest, where a shoulder shrugs suffices as an explanation of the flash crash. Alas, the SEC may be about to judged worse than incompetent it may be corrupt.
"Under law MF Global was compelled to file an Annual Audited Report on Form X-17-A-5 with the SEC. In the normal course of events this document is scanned by the SEC and uploaded to its site where the public can view it. This is usually done in two to four weeks from receipt of the document. In the case of MF Global the time stamp shows it was received on September 2, 2012. In fact MF Global filed the report in May. When the report was released astute investors began to run from MF Global as if it were radioactive."