The SEC shouldbecriticized severely for doing away with the uptick rule on short-selling--no shorting of a stock unless it has moved up in price--and for its failure to enforce rules against naked short-selling--requiring a short seller to first borrow a stock before he shorts it.
Notwithstanding all of the above, Respondent Chase should not becriticized for making business decisions to settle a number of likely nettlesome cases.