The best and strongest recommendation is for better recordkeeping, but this requirement should have been on the books long ago.

The rest of the commission's recommendations amount to stern -- and unenforceable -- lectures.

First, the SEC would merely "encourage" internal controls, without adopting a requirement. If there is a question about the SEC's statutory authority to act, the agency should simply ask Congress for legislation. The facts justify it.

Second, it is wonderful that the SEC reiterate and add to its guidance with respect to the use of soft dollars. But this is the equivalent of a parent "reiterating" to a teenager who has repeatedly broken curfew and wrecked the car that the teen should meet the curfew and drive safely.

At some point, the SEC has to take this matter seriously. Soft dollar abuses will continue unless and until a few posteriors are nailed to the wall, because there is too much money at stake.

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