For years the Securities and Exchange Commission, America's main financial watchdog, made it hard for electronic-trading networks to register as exchanges.
In key part, the indictment alleged that the defendants had criminally neglected to register the tax shelters with the IRS, yet hard evidence later revealed that there was considerable disagreement within the IRS itself as to whether these shelters had to be registered.
What is clear is that the pace of reform in Greece is behind the curve and the reduction of the deficit is proving hard to enforce as so much tax revenue vanishes because transactions are not booked through a cash register or special prices are established for cash based i.e. no trail transactions.