does the sec have what it takes?

I doubt it ... but we'll see. Read these in order - but make sure you get to the end.

Skip straight to Nanex earlier recommendations here -
http://www.nanex.net/20100506/FlashCrashAnalysis_Recommendations.html

SEC says flash crash report will bring confidence
http://www.reuters.com/article/idUSTRE68R1QR20100928

Then (excuse the ZH point of origin), peruse the finer details of clickable explanation

Nanex Flash Crash Summary
http://www.nanex.net/FlashCrashFinal/FlashCrashSummary_issues.html

Links to the summary page IV Recommendations
http://www.nanex.net/FlashCrashFinal/FlashCrashSummary_IV.html

--- be sure to keep an eye out for the SEC report due out in the next few days. More for what is omitted. If you don;t get a sense of warm/fuzzy comfort, then you'll know the real substance within the SEC, if there is any.