by Jon Katz

About the author: Jon Katz writes a media column for the weekly magazine New York.

Think of it as a contemporary variation on an enduring American scene: Suddenly, the door to an office bursts open. A shouting throng of guys in stenciled windbreakers rushes inside, yelling for everybody to get down. The men start grabbing folders and yanking the cabinets open. The people inside scream, hit the floor, and are dragged out in handcuffs.

The man—or maybe it’s a woman—behind the desk stares at the intruders in shock. “Who are you, FBI? SEC [Securities and Exchange Commission]"”

“No, governor,” the cadre leader spits out as his troops start snapping photos. “It’s much more serious...