Saturday Links

Good morning!  Some stories for you to read today:

• The Legal Times reports that Harvey Pitt says the SEC has been saddled with an impossible job in writing rules to implement the JOBS Act. At an ABA conference in D.C., he said, "We'll see some sort of scandal rise and of course everyone will blame the SEC – 'Why didn’t you do something to prevent this?' "

• The New York Times has a good story on Vikram Pandit's long-planned ouster from Citi. Henry Blodget explains that Citi's initial story that Pandit "resigned" might be problematic. But Matt Levine at Dealbreaker basically says: oh, come on, you knew what Citi meant when it said Pandit "resigned" so suddenly.

• Business Insider explains how cloud computing companies can manipulate their books.  Or, the new accounting fraud looks pretty much like the old accounting fraud.

• Reuters has an interview with Theodore Urban, the former general counsel of Ferris Baker Watts, on the (non)resolution of the SEC's failure-to-supervise case against him.