Hmm, Madoff made off with billions while they missed all the signs. ENRON, they missed that one too......SEC has its own issues.
SEC is the one raising hell with the China parts of the top US auditors now, and that is about to crash all the stocks that have major operations in China if they keep dorking around. Ones like Apple and GE IMHO. And the politics is not getting any better or cleared right now.