To discern just what a mess the SEC has made of things check Commissioner Isaac C. Hunt's speech to the Practicing Law Institute, March 2, 2001. What is really scarey is the admission that foreign companies that float stock on the U.S. exchanges are not filing the required documentation.
Isaac Hunt was appointed an SEC commissioner by Clinton in '96. He had been dean of the superleft Antioch School of Law in D.C. in the 1980's, before moving on to the University of Akron School of Law. I suspect he's highly radical.
And I had been right about Arthur Levitt being SEC Chairman when the events the article discusses happened. He resigned in early 2001, after having served as chairman for eight years, i.e., essentially the whole of the Clinton presidency.