After a pleasant vacation, the Securities and Exchange Commission is back to investigating Wall Street. The Wall Street Journal’s Jenny Strasburg and Kara Scannell report on a slew of mergers and acquisitions that the SEC is investigating for insider trading. Most of these transactions involve drug companies, though one interesting non-drug company one is Best Buy’s purchase of Napster.

As the federal regulator of investment banks, though, what SEC is scrutinizing is what role outside investors played in these acquisitions. This includes looking at Goldman Sachs role in twelve different health care deals from the past three years. On some of these deals, SEC may be arriving too late on the scene. But an active SEC probably is good for a more stable future system of finance.

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