Questions continue to arise regarding the too-cozy relationship between the SEC and Wall Street. Recent reports claim that the SEC, when settling with big Wall Street firms, has a practice of granting waivers that preserve special privileges enjoyed by those firms, and protect them from serious consequences that would otherwise result from their wrongdoing. For example, the waivers preserve fast-track offering privileges for “well-known seasoned issuers,” which allow big Wall Street firms to quickly raise capital in the securities markets. Other waivers permit the firms to continue managing mutual funds and engaging in certain market activities.