What is a good research question for an essay on IPO's and underwriting syndicates?

What ethical ysis does the SEC do before allowing a new public offering to be made? Do any of the officers at the underwriting syndicate or in the IPO itself have to meet any particular ethical standard? Do any of them have to be High School graduates, or College graduates, or persons that have never committed a crime, or declared bankruptcy. Is is OK for them to have been convicted of crimes of moral turpitude like stealing, embezzling, forgery, prior SEC violations, prior white collar crimes such as bait and switch selling, or accounting violations, or offshore accounts that are illegal. If no effort whatsoever is made by the SEC or anyone else to vet the future officers of publicly held corporations for their moral quality how could anybody possibly expect that the behavior of corporate leaders is going to improve. If the new ones coming in the door are a motley rabble of who knows what, how could business organizations be anything other than time bombs of financial catastrophe waiting to happen. How much would it cost the SEC to do some microscopic particle of its job keeping the markets straight by keeping the people running the corporations well vetted and highly likely to be straight dealing honest business people. In all the universities in all the world, no marvelous brainy intellectual could think of this. In Maryland you need 4 licenses to cut somebody's hair, but an IPO promoter can become the CEO of a $100 billion organization with 10 million shareholders without 5 minutes of serious inquiry into that person's prior history as a human being on this Earth. Might be a worthy question to look into.