This is a major oversight because as stated above, one of the areas in which the use of former SEC officials seems to have been most successful is in the securing of waivers and releases. In leaving out these areas, the prime evidence in support of the revolving door demonstrates itself to be woefully inadequate. In contrast, the POGO report details a number of problems with this earlier academic study while demonstrating that some of the things the academic study tried to downplay, such as the SEC's tendency to settle rather than pursue charges to their fullest, are actually evidence of SEC regulation being affected by its close relationship with the industry it is meant to regulate (POGO, 2013, p. 28).

The study's findings are persuasive precisely because they are so comprehensive in their dismantling of the primary academic justification of the revolving door. By demonstrating the critical errors in...
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