That’s only true if the SEC catches all instances of it by a particular company, no?

> Which is why the fines are always greater than the net gains.

The $3 billion in fines Wells Fargo paid versus the multiple billions it made from 2002-2015. The bank has almost $2 trillion in assets as of 2020.

> Do you think the SEC is full of morons?

No, worse. Cowards. Entirely too many see the SEC as a pathway to a high-paying job on Wall Street. You learn the ins and outs of compliance and go from a GS-8 - GS-13 making $70,000 - $150,000 a year, to making $1 million a year helping these banks, hedge funds, and other investors sidestep regulations by the most narrow of line-toeing.

> $3 billion in fines Wells Fargo paid

This had ZERO to do with Front Running.

I’m sure the SEC is full of extremely intelligent and well educated people. I’m equally sure that most of them are corrupt and are part of the revolving door.