That a certain type of management will use corporate capital to silence critics isn't the problem; that it works so well is. No system is perfect, and the beauty of American society is that so many voices are heard, including those opposed to financial skeptics. But is this the best we can do?

The Securities and Exchange Commission is effective in catching insider trading but is sharply less zealous in enforcing rules against issuer retaliation. In several cases, most prominently David Einhorn in his fight against Allied Capital, the SEC happily sought to investigate the whistle-blowers and not those who were formally accused of wrongdoing.

We certainly have a little experience in this department (to name just two instances).

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