SEC slapped down by Federal Judge AGAIN

What is it with these guys? Instead of reform they want to roll back the clock to pre-2003 when underwriting and a "Buy" rating went hand in hand.

As you may recall, a deal was struck in 2003 which erected a Chinese Wall between Investment Bankers and stock analysts to prevent conflicts of interest. (We could use a few more Chinese Walls and Fire Drills don't ya think?) Wall Street firms could no longer give a stock a "buy" rating in return for underwriting business.

Yet, the SEC, together with Wall Street, is trying to tear that wall down. But Federal Judge, William H. Pauley, III rejected the argument from the SEC, Goldman Sachs, Morgan Stanley and BAC (Merrill Lynch) and slammed the door shut ... for now.

But as "The Terminator" once said, "we'll be back."