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ContextRegulatory administration and strategic management are inextricably linked given that, theoretically, regulatory policy strives to be strategic. Public administration, however, was slow to embrace this traditional private-sector approach due to substantial political volatility and legal prescription inherent to the field. Although regulatory administration has been accused of being replete with red tape, which is essentially code for “compliance with the law,” it does utilize the establishment of goals, processes, planning, organizational capacity and capability, best practices, benchmarking, and a host of other innovations.DirectionIn your estimation, what are the both strengths and weaknesses of government regulation. Is there any line you could draw between needed and unneeded regulation? 25 points 450-600 wordsContextThe “Opportunity Lost” case study about Bernie Madhoff illustrates the challenges faced by regulatory administrative authorities—most notably, agency capture and the overall leadership of the U.S. Securities and Exchange Commission (SEC) and its employees. This case study also elucidates the convergence of management, politics, and law, and how they are often at odds. (the case study can be found in the chapter 9 of the textbook)DirectionsWhat are the lessons you would draw from this case study? 20 points 300-400 words.Can you give this back to me by today? The prof. is very easy with scoring. As long as you turn it in, it’s an A.