Thanks for a useful answer. Now I can read this to alter my beliefs and learn.
Wish I could zap you. You model good behavior.
For a serious answer, start here and dig in - I think you will find many broken incentives and many cases of corruption. I believe many examiners, lawyers, and others that work there are good people, but at top level, many instances of turning a blind eye.
https://www.thekomisarscoop.com/2021/06/the-corruption-of-the-sec-over-decades-and-till-today/
Discussion
Still need to connect a wallet. Officially on my to do list for this week!