The $154 million settlement the Securities and Exchange Commission wrested from JPMorgan Chase involved only one of more than two dozen mortgage securities deals that the hedge fund Magnetar helped create. As we detailed last year, many banks in the waning days of the boom created collateralized debt obligations, or CDOs, with the help of Magnetar, which also bet against many of the same investments. So is the SEC going to do anything about any of the other deals? The answer to that question reveals as much about the difficulties in policing Wall Street as it does about the excesses committed in the lead up to the financial crisis.