Investors are discounting the bad news. They are more concerned about the macroeconomic picture at hand.

It will put a short-term top on the stock. I think it marks the end of an era -- the last remnant of excesses and looking at fundamentals through rose-colored glasses. Now people are going to look at AOL and value it as a media conglomerate and find it's fairly valued.

Anybody who had stepped up to the plate is stepping away. Clearly the bottom hasn't been found yet.

No one was being rewarded for taking risk.

This was the most anticipated SEC investigation in the history of the free world.

Look at some of the targets these people had. They don't carry any weight anymore.