Well, that explains a lot: SEX, er, SEC staffers surf for porn at work

No wonder they didn't have time to do such boring stuff like regulate Wall Street fraudsters -- they were too busy ferreting out more stimulating Internet fare:

So that's what they were doing instead of watching out for fraudsters like Bernie Madoff.

Fresh details are surfacing about the extent of the Securities and Exchange Commission's problem with porn-obsessed workers. No fewer than 16 investigations are currently underway into SEC employees who've spent up to 1½ hours a day viewing online smut and kiddie porn.

One of those investigations involves the FBI, which was called in after the computer of one senior SEC employee was found to contain flash videos of what appeared to be child pornography. It was unclear if any arrests were made.

The developments are sure to add to the withering criticism the SEC has endured for more than a year for blatantly overlooking public warnings and tell-tale signs of Madoff's massive $65 billion Ponzi scheme and other fraud cases.

The SEC's own inspector general's office has turned over documents to other agencies and lawmakers documenting two years of heavy porn-surfing on the job by SEC staffers and vendors, one whom is a woman. ...

Your money, "hard" at work.