As soon as I read "financial securities fraud identified in SEC filings…" immediately brought to mind an article in Bloomberg [1]: "Securities fraud is a unive

As soon as I read "financial securities fraud identified in SEC filings…" immediately brought to mind an article in Bloomberg [1]: "Securities fraud is a universal regulatory regime; anything bad that is done by or happens to a public company is also securities fraud, and it is often easier to punish the bad thing as securities fraud than it is to regulate it directly." this right after: "And so contributing to global warming is securities fraud, and sexual harassment by executives is securities fraud, and customer data breaches are securities fraud, and mistreating killer whales is securities fraud, and whatever else…" [1] https://www.bloomberg.com/opinion/articles/2019-06-26/everything-everywhere-is-securities-fraud https://www.bloomberg.com/opinion/articles/2019-06-26/everyt... The point of TFA likely still stands, but I wonder to what extent the points from Levine's Bloomberg article colors, or skews the data. Edited for formatting