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Many traders and others say the SEC's decision was one factor behind some shares' steep declines over the past two years.

One of the SEC's commissioners said the plan should only be waved through once it is clear that secure, independent funding is in place.

But he said the charges need more proof beyond the SEC's allegations if they are to have a lasting impact on Goldman.

In a statement, Mr Greenberg said he "appreciates the SEC's recognition that he personally should not be charged with any fraud" .

It may be that the SEC's flurry of subpoenas turns up something substantial. But neither of the watchdogs has produced such evidence so far.

A judge recently threw out the SEC's settlement with the bank and ordered a trial; the agency hinted at additional charges.

The SEC's King said there was no specific timeline for the regulator to take final action on flashes.

But even the SEC's highest- profile cases have let the defendants off lightly, and did not lead to criminal prosecutions.

Goldman is instead going on the front foot, issuing a detailed denial to the SEC's claims and vowing to fight the regulator on every count.

The issue is at the heart of the SEC's suit against Goldman and Mr. Tourre.

But it had virtues that, reading the SEC's settlements with JPMorgan and Goldman, make me nostalgic.

Against this background, the SEC's Goldman suit, launched only in April, seemed to signal that the agency was back in the fight.

Skeptics, even those who agree with the concept of a common accounting language, called the SEC's approach wrongheaded.

If active ETFs can be made to work, and receive the SEC's blessing, they could take the business to a new level.

Many traders and others blame the SEC's decision as a factor behind the precipitous declines of some shares over the past two years.

The SEC's suit against Goldman is the agency's biggest assault on a Wall Street firm in a matter stemming from the credit crisis.

The SEC's complaint has put the bank's reputation on the line.

The SEC's case against Goldman and a vice president at the firm, Fabrice Tourre, hangs on a single critical contention.

But it also showed the SEC's continuing failure to take its wider regulatory role in a more aggressive direction.

"It's in the SEC's interest to make this look like a very good deal, " he added.

It is not just the SEC's probe into Associates, which was described in Mr Weill's autobiography as one of the worst purchases of his career.

Perhaps this is why most people seem to intuitively understand the SEC's case, unlike supposed experts like Mr.

People close to the situation said Goldman received notification of the SEC's intention to press charges in July.

During the past year, the SEC's enforcement lawyers have stepped up the pace of insider trading lawsuits and settlements.

"GE bent the accounting rules beyond the breaking point, " said Robert Khuzami, director of the SEC's division of enforcement.

Christopher Cox, the SEC's chairman, hailed the move to an "international language of disclosure, transparency and comparability. "

The legislation "creates a whole new regulatory regime, " and implementation is "a massive undertaking, " says the SEC's Schapiro.

One way to address this imbalance would be to replace some of the SEC's vast army of lawyers with economists.

It should stop saying it will fight the charges aggressively and that the SEC's suit is 'completely unfounded. '

The SEC's case was never all that strong, but they can say they took on Goldman Sachs and stared them down.

In a sense, this development shouldn't be a surprise: All fraud charges in the SEC's arsenal have criminal counterparts.

That would cast doubt on the the SEC's portrayal of ACA as a misinformed victim in the alleged fraud.

That is because a subtle, but significant, shift has taken place in the SEC's attitude to the outside world in the past year.

I consider the SEC's website to be an advanced investment tool.

Among the SEC's most vocal critics is Harvey Pitt, a former chairman.

The SEC's guidance is seen as a precursor to a larger debate over how best to price securities, especially when markets freeze up.

Democrats quickly cited the SEC's action against Goldman to press their case for the overhaul.

Yet Goldman walked away with several victories that raise questions about the strength of the SEC's case.

The SEC's complaint is focusing on one of the Abacus deals that is not among the securities insured by AIG.

Unlike the SEC's number, such "total realised pay" correlates well with firms' performance, says Mr Kay.

This is the material fact at the heart of the SEC's case.

The SEC's effort on mark-to-market disclosures is expected to come in the form of a letter that will be posted on the agency's Web site.

Before the SEC's case hit, a certain exuberance had returned to the markets.

Public pension funds have also joined together to lobby against a reduction in the SEC's power.

Mr. Tourre was invited to testify and accepted before the SEC's civil fraud case was filed last week, the person said.

He has denied wrongdoing, and lawyers for Pang launched a blizzard of legal filings opposing the SEC's action.

The firm has said it will vigorously defend itself against the SEC's claims.

Still, it is important to put the SEC's action in context.

The SEC's inquiry follows recent disclosures that Lehman used repos to mask some $50 billion in debt before it collapsed in 2008.

The SEC's ability to discipline these companies is limited.

Goldman maintains the SEC's allegations are wrong.

The Dodd-Frank financial reform act authorised Congress to double the SEC's budget by 2015.

His attorney has denied the SEC's fraud charges.

This time to dismember the Goldman Sachs is under the SEC's hand.

The SEC's move on Tuesday sparked a rally in the exchange's own share price.