Moving ahead while the SEC plays catch-up

After years of being led by do-nothing Bush administration cronies, the Commission could be forgiven for needing more time to beef up its regulatory chops before getting down to work on issues such as hedge fund registration. But the financial markets - as well as any criminals in the vein of Bernie Madoff or Allen Stanford operating in them - continue to pose unprecedented risks for legitimate participants.

The California Public Employees' Retirement System (CalPERS), the largest public pension