Con- gress and the Securities and Exchange Commission in an "erratic and inequitable application of existing but inadequate statutes." Critics in the business community accuse the SEC of exceeding its 1933 Congres- sional mandate calling for disclosure of all "material" informat"ion about a publicly owned company-that is, only information of signifi- cance to an investor. The SEC seems to regard all "improper acts" as "material." Moreover, critics charge,...