|When a regulator becomes a tool of the groups it was intended to regulate.|
When a regulator becomes a tool of the groups it was intended to regulate.
“Probably most people would agree that the people paid by the U.S. government to regulate Wall Street have had their difficulties. Most people would probably also agree on two reasons those difficulties seem only to be growing: an ever-more complex financial system that regulators must have explained to them by the financiers who create it, and the ever-more common practice among regulators of leaving their government jobs for much higher paying jobs at the very banks they were once meant to regulate. Wall Street's regulators are people who are paid by Wall Street to accept Wall Street's explanations of itself, and who have little ability to defend themselves from those explanations.”
Michael Lewis (September 2014) 
|This is a page stub. Please add to it.|