Since the Madoff scandal, some scholars have argued that regulators at the Securities and Exchange Commission ("SEC"), like all bureaucrats, do not always pursue the public interest, but instead may be influenced by powerful individuals and entities on Wall Street. Based on this week's readings and video presentation, and as discussed in the articles "Punishing Bad Brokers: Self-Regulation and FINRA Sanctions" and "Federal Corporate Law: Lessons From History,"do you see any evidence that these criticisms are valid? How do you think these concerns might be addressed? Do you think the alternatives of increased self-regulation or state regulation would be better?If so, explain how these mechanisms might help.If not, explain the basis of your conclusion.