It seems that this is a critical moment for the SEC, as it ponders whether to bring charges against Lehman Brothers and perhaps specific executives. Not too long ago, media outlets breathlessly reported charges were "imminent." But charges failed to materialize.

Yet, talk of charges has clearly heated up again. All agree there has been a flurry of activity, as regulators step up their interviews of possible witnesses and involved parties seek more legal firepower. The probe seems to be focusing on disclosure issues around the Repo 105 transactions that caused such a stir recently. Anton Valukas's ealier report may be quite influential with the regulators.

Former CEO Richard and former finance chiefs Erin Callan, Christopher O'Meara and Ian Lowitt remain the most likely to be charged, though the SEC may have turned some new stones.

This can't drag out forever. At some point, the regulators will have to take a hard look at their evidence and make some determinations. The SEC is certainly under pressure to act, but the evidentiary bar has moved higher, it seems. A bunch of provocative emails may not do the trick.   

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