What is the deal with excessive holding not being penalized

Is it legal or illegal? Obviously its legal, I mean look at how rarely a guy is warned, not penalized, warned. It hardly ever happens, much less a guy being penalized, that pretty much never happens.

Its just odd, boxing has a rule which is totally ignored. I can't think of anything comparable in other sports. And strangely not many people seem to care, I can't think of many people on here that bitch about it, except for maybe LordsGym, unless Ricky Hatton or John Ruiz or maybe Wlad are fighting. But it happens a lot. Look at a guy like Zahir Raheem, its a disgrace to the sport. Its pretty much saying, look I can't fight worth a shit on the inside, so instead of learning how to fight, I'll just excessively hold and referees won't give a shit.

This is one of my major problems with boxing, to me its as big a problem as any. Would boxing not be more exciting if excessive holding was penalized, seems pretty simple, it would be.

And before Wlad fans protest, the fighter that pissed me off last night on this was Travis Simms.