Securities and Exchange Commission - Regulator or Enabelor?

So today, I read an article about a federal judge overturning the SEC's settlement of the whole Merrill Lynch / Bank of America executive bonus scandal. (Article)The article also brings up a past SEC failing during the worldcom accounting fraud business. So that got me to thinking. What the hell is the SEC actually doing? Apparently not trying to protect the investors from unscrupulous businesses. They're definately not acting on any of the complaints over the last umpteen years of Bernie Maddoff and his now spectacular ponzie scheme. So what are they doing? I looked them up on Wikipedia and it appears as though they spend their time enforcing seven primary laws. Five of which were passed before the 1940's were finished. I say they spend their time enforcing the seven laws, but i would question their efficacy, and even their ambition in doing so. Part of me wonders how closely tied the SEC is to the major players, and whether or not they can be trusted. When President Obama promises to change things, I say go get 'em tiger. Institutions like the SEC, and others that are closely linked to big business must be shaken up periodically to ensure the honesty of those participating.