valukas says the s.e.c. damaging information was never disclosed to investors who continued to pump billions of dollars into the firm. >> should it have been disclosed? >> absolutely. >> isn't the government, the s.e.c. in this case, the people who were supposed to protect the investors... >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> they may not have had the expertise necessary to understand the material they were receiving. they were getting the material. whether they understood it is another question. >> the very fact that government regulators were inside the company with access to its books and records would complicate any prosecution of lehman officials. until january 2012 david kotz was the s.e.c.'s inspector general. over the previous four years he'd issued more than 100 reports about major deficiencies in the way the s.e.c. did its job. if the s.e.c. knew about some of these problems at lehman brothers and they weren't disclosed, doesn't that make it

[ticking] >> anton valukas was the man in charge of investigating the collapse of lehman brothers, the