What makes you say there's a "crazy IPO market?" I can only name four high-profile tech IPOs so far this year (P, LNKD, FIO, Z) - it seems that most high-profile tech companies are content to continue closing massive rounds instead of going public (probably because a lot of them need to generate better figures to avoid pulling a Groupon, but that's speculation on my part).

And it's precisely because the SEC read the fine print that Groupon continues to have issues surrounding its IPO. It's their job to read the fine print.

It's not that no one knows the fine print, it's that the people who get rich of IPOs (financial people) would typically still make money off an IPO which is based on flawed numbers. So the incentive is not there for the financial people to stop it, the incentive to actually promote it is there.