My, What Big Brown Eyes You Have
The SEC may not be playing gotcha.
But they are most definitely keeping track of how often they getcha.
Check out this item from the SEC’s 2006 "Performance Budget," a series of measures that the SEC has set up for itself to evaluate and improve its regulatory performance:
"Performance Measure: 2. Number and percentage of examinations finding ‘significant’ violations."
(Apparently, the SEC doesn’t give itself credit for uncovering mere "technical" violations.)