<s>[INST] How do you explain this failure on- [/INST] The incentive structure is messed up because the lawyers at the SEC are not paid well, it's a fairly low paying job, but what They're looking for is a trophy from the SEC. They're looking for something they put on, basically, their LinkedIn. From that, they can get a job at a high paying law firm. that's exactly what the lawyer here did.
And the reason they don't attack the hedge funds is because those hedge funds employ those law firms. And they know if they attack the hedge funds, They're affecting their future career prospects. So, they sell small investors down the river for their own career. that's what actually happens. Regulatory capture. </s>