Holman Jenkins Jr. provides a different perspective in today’s Wall Street Journal (sub. req’d.):
The agency might ask itself a different question: If firms like Facebook, Twitter and Groupon don’t believe they’re leaving much on the table by failing to adopt the agency’s increasingly elaborate rules for transparency and accountability, maybe those rules aren’t all they’re cracked up to be. Maybe the SEC doesn’t create as much value for investors as the SEC thinks.
In any case, pressuring Facebook into a premature IPO would be doing America a disservice, one peculiar to the age of social networking. Companies like Facebook spring from young minds for a reason, and it would be a near-miracle if their young CEOs were ready for the complicated public performances required of them in our politicized, lawyer-happy world in which privacy is bound to be a huge future battleground.
On first impression, I’m with him.