Ah, so many jokes, so little time. Let's start with:
I guess that the SEC didn't know financial fraud when it saw it.* But porn, on the other hand, was obviously easy to identify....Just amazing.
* Cf. Jacobellis v. Ohio, 378 U.S. 184, 197 (1964) (Stewart, J., concurring) ("I shall not today attempt further to define the kinds of material I understand to be embraced within that shorthand description] [of pornography; and perhaps I could never succeed in intelligibly doing so. But I know it when I see it.").