SEC guilty of perpetuating virtual fraud? Bloomberg, WSJ, and Big Picture (among others) is reporting that the SEC has, on its own and without any justification, encouraged and allowed companies under their jurisdiction (everyone with stock) to recalculate their junk bond risks and to not even carry certain debt on their balance sheets. Big Picture has most including links to other stories. What's this mean to you? Everything if you are an investor who looks at debt and balance sheets before investing. Another great appointment from "You know Who."