The SEC has been settling financial manipulation cases as disclosure violations, but why?

The answer may be found in a great book called, "The Chickenshit Club" by Jesse Eisinger.

America’s Top Prosecutors Used to Go After Top Executives. What Changed?

Increasingly, the prosecutors and the defense attorneys on opposite sides of the table are the same people, just at different points in their careers. Conducting a criminal investigation of an executive isn’t just risky; in addition to jeopardizing a future partnership at a prestigi…