My advice to the SEC: Do it and do it soon. Common sense would seem to prevail, but for some CEOs, arrogance gets in the way."Arrogance gets in the way." As far as we know, that's been Netflix since Hastings took credit for its founding. Things went well. He believed his own hype. He got what he wanted -- complete control. Maybe not officially, but it might as well be, given the figurehead board and executive team Hastings has in place. It's this arrogance, this disregard for anything but the trajectory of your personal and professional destiny that gets companies in trouble. When you buy shares of Netflix, you're not buying a stake in a company -- in an organization with checks and balances -- you're putting your faith in one guy. Given what we know about this one guy, that's a scary proposition. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.