Stephen M. Cutler will depart the Securities and Exchange Commission later this month as one of the regulator's most active enforcement directors, but New York Post columnist Christopher Byron takes issue with what most casual observers would presume an impressive tenure.

As the SEC noted when it broke the news last week, Cutler's days as enforcement chief included oversight of investigations into some of the largest financial reporting failures in the nation's history, such as Enron, WorldCom, Adelphia, Qwest, Tyco and HealthSouth. Cutler's $750 million penalty against WorldCom, the SEC touted, is the largest enforcement action in the regulator's 71-year history.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.