"It's a crooked system."
The system needs to be redesigned. Right now, our equity markets are largely governed by:
Self-Regulatory Organizations (SRO's), that have
discretionary authority, but don't have
subpoena power.
Watching over them are unelected bureaucrats, who also have discretionary power, and who also report to a politically-appointed chief.
What could possibly go...right?
It's a crooked system by design.