Does the SEC Need Wiki-Whistle Blowing?

The Internet has made digital crowdsourcing a useful tool. Just look at Wikipedia. Economic consultants Marcia Kramer Mayer and Paul J. Hinton suggest that the Securities and Exchange Commission should utilize the concept for policing the markets. Here's the idea:

How could crowdsourcing be used by the SEC? Assessing investment advisor performance claims and reviewing tips are two of the major tasks on Chairman Schapiro's plate that lend themselves to this approach. The investment community possesses crucial skills and information that could supplement the SEC's efforts. These private sector resources go far beyond what is available to the SEC, and many private practitioners would volunteer their expertise if a suitably-designed website application existed where they could do so.

Would it work? If the investment community decided to take the time to submit information regularly, then maybe.

Read the full story at Harvard Business Review.