Holman Jenkins explains the SEC's modus operandi in the Goldman Sachs civil suit: Start with a Villian; Find a Crime.

The need for villains frequently (not always) conflicts with the need for understanding. The SEC certainly understands the need for a rapid route to rehabilitation for itself if it hopes for a share of the power and budget up for grabs in the Senate debate over financial reform. If you don't think this played a role in the suit it sprang on Goldman last week, we have a CDO to sell you.