Good thing we have the SEC to keep us safe from complex financial products. Oh wait, it didn’t do that. By way of bizarro backdoor recompense, I supposed, the SEC has now formally issued a cease-and-desist letter to P2P micro-lender Prosper, thus kiboshing all such services just when many people likely need them most. See here.
The SEC is bravely taking a stand, shutting down upstart lenders during a credit crisis. Way to go, guys.