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I recommend re-reading the Grundfest Letter now that we know so much more. It is very enlightening to re-read the letter now that we have much more context and knowledge about the lawsuit and why and how it was filed. A few more things will jump out at you.
For example, when Grundfest discusses the mass exodus of the senior leadership at the SEC after filing the case he notes:
“The directors of the Divisions of Enforcement, Corporate Finance, and Trading and Markets have all been deeply involved in the decision to [file suit].”
“The directors of the Divisions of Enforcement, Corporate Finance, and Trading and Markets have all been deeply involved in the decision to [file suit].”
“Deeply involved” says a lot. It means these people were the ones pushing for the lawsuit as they were walking out the SEC’s door forever. Think about that for a minute. Why would these individuals push the most significant non-fraud SEC enforcement action since Howey and leave?
