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December 8, 2012, 6:13 p.m. ET

Madoff Got Away, But Netflix Won't

The SEC, already short on credibility, finds a new way to appear silly.

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BUSINESS WORLD
December 8, 2012, 6:13 p.m. ET

Madoff Got Away, But Netflix Won't

The SEC, already short on credibility, finds a new way to appear silly.

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BY HOLMAN W. JENKINS, JR.

An appropriate amount of eye-rolling has greeted the Securities and Exchange Commission investigation of Netflix. The agency sent a Wells Notice to the company this week warning of enforcement action because CEO Reed Hastings posted a brief note on Facebook last July mentioning that Netflix customers had streamed a billion hours of video in the month of June.

There are many reasons for disdain. If revealing this incidental bit of news via Facebook to the Netflix chief's 200,000 followers isn't legit, what is? How is disclosing over a social media site less transparent than a press release filed at the ...

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