A Rejoinder

In a rare moment of self-restraint, I resolved not to bother to write a comment to David Ratner's spirited but unconvincing reply to my earlier article in the Cardozo Law Review. Since Ratner's response contained no defense whatsoever of the work of the Securities and Exchange Commission ("SEC"), no criticism whatsoever of my general theory of agency obsolescence, and no theory of its own to defend the SEC, it seemed to me at first that the best course of action was to allow Ratner's reply to serve as its own refutation.