SEC

The SEC is just like the Baltimore Police Dept. in The Wire - juking the stats!

From Kotz:

• The SEC encouraged only "quick hit" cases to boost their stats (numbers) and make it seem like they were effective. During the previous decades the Fort Worth office operated within a broader SEC culture where novel and complex cases such as the Stanford scheme were not encouraged because officials were evaluated by the number of cases they brought. Instead, staff were focused on bringing a number of “quick hit” smaller cases.

Because why else would this have happened:

From Kotz:

• The SEC concluded that Stanford's fund was a fraud FOUR separate times, yet each time decided not to pursue the investigation. The SEC's Fort Worth office had examined Stanford in 1997, 1998, 2002 and 2004, "concluding in each case that Stanford's CDs were likely a Ponzi scheme or a similar fraudulent scheme."