The Incentives Around Enforcing Corporate Fraud

i was rereading a piece you wrote about garry gensler, and one of the things that caught my attention in it was that you said the s c c has done a particularly poor job of catching accounting frauds. Why do you think that is? And then if you could also talk a little bit about the m f global case you describe in that news letter, i think that would be helpful as well. So we have to look at the incentives around enforcing, or trying to staunch corporate fraud.