"[S]ometime after 1975 ... the idea of a 'commission' morphed into something else, something closer to a bribe. Commissions became a way for product companies to pay a broker or sales agent to recommend their products over products which offered superior features or returns.... In retrospect, the SEC has proven to be a terrible regulator of this new commission regime.... With these new proposals, the SEC is fecklessly trying to, at the same time, restore merit-based investment recommendations to the marketplace and make Wall Street lobbyists happy."  MORE >>