(TheStreet) -- Critics have been saying for a long time that the Securities and Exchange Commission misses all the big investor issues of the day, and is at least 30 years behind the times. That is tragically unfair. Why, look at the Investor Bulletin that the SEC just generated, warning of the dangers of a spanking new investor concern called the "reverse merger." The SEC isn't 30 years behind the times. It's 25 years behind the times, and not a second more. As I mentioned in this space last August, reverse mergers have been used by stock scamsters since the 1980s as well as by legitimate companies, and at best are red flags. The SEC is probing a network of Chinese small-cap stocks that are a product of reverse mergers, including China Sky One Medical (NASDAQ: