What wrong did ECB & Giles Clarke do?

ECB and Giles Clarke have been pillored a lot in last few days due to their decision of aligning with Stanford for sponsorship and generating cash for english cricket. I do not understand why are they being treated in this way. Clarke and ECB did what they thought was an excellent way of generating cash for players and board and also help in revival of WI Cricket. Any person in their capacity would have loved this idea. A few days effort every year which would make them richer by $3.5 m and give English players a strong chance to become millionaires. They would have been fools to reject such an offer. Why do people expect them to verify Stanford's credentials? They are in no position to validate Stanford's accounts and check if he is a fraud. This is something that SEC or similar organizations need to do and none of them had raised any red flag at Stanford when this deal was made. ECB even added clauses in their contract with Stanford which gave them "get out" options in case they cannot continue to handle this type of exigency. So, In my opinion, they did no wrong and this move would have been hailed as a master stroke had English players not made a mockery of themselves on Nov 1 against Stanford XI.

I do understand that they were trying to get even with BCCI and also trying to prevent English players from participating in IPL - this motive is something that I do not agree with and this was probably only fault that Clarke's and ECB's thinking had while signing up with Stanford.