It would appear I owe Wendy an apology. I assumed these people were civil servants doing the best job they could under government oversight (mostly ours are).

I've said before that the best regulators are former industry insiders who got bumped off the corporate ladder.

There is some discussion that it is not as bad as it looks since strong regulations actually add value to the regulator when he goes job hunting. }};-()

An interesting read somewhat showing both sides of the story.


Tim


http://finance.yahoo.com/news/e-c-revolving-door-hurts-05013...

S.E.C.'s Revolving Door Hurts Its Effectiveness, Report Says

By BEN PROTESS and SUSAN CRAIG | New York Times – 9 hours ago.. .

Robert S. Khuzami took a step through Washington's revolving door on Friday, departing his post as one of Wall Street's top enforcers en route to the private sector, where he is expected to reap millions.

A new report suggests that Mr. Khuzami, like other Securities and Exchange Commission officials who pass between Washington and Wall Street, will be well worth the pay.

...

"Former employees of the Securities and Exchange Commission routinely help corporations try to influence S.E.C. rule-making, counter the agency's investigations of suspected wrongdoing, soften the blow of S.E.C. enforcement actions, block shareholder proposals and win exemptions from federal law," the report says.

...

The Government Accountability Office issued a report in 2011 chastising the S.E.C. for failing to keep track of ethics advice the agency gives past and current employees, which the report argued could minimize postemployment conflicts of interest. The study, which described the S.E.C.'s policies as being consistent with those of other agencies, did go on to note that the financial system might benefit from the agency hiring outsiders well versed in Wall Street minutiae.

Robert S. Khuzami took a step through Washington's revolving door on Friday, departing his post as one of Wall Street's top enforcers en route to the private sector, where he is expected to reap millions.

Given the shoddy and impotent oversight where it matters, this old redneck wonders if perhaps the millions were earned before the private sector job was official. Actually, I don't really wonder....I'm of the strong belief that we have the best government money can buy.

This is a non-partisan, equal opportunity cynicism.

Poz

Actually, I don't really wonder....I'm of the strong belief that we have the best government money can buy.

Plain old economics, Everyone knows where their cheese is. If the tax payer want civil servants to work for them, they must pay them comparable wages. Either you slam the wages of the the CEO's to match the wages of the Congress Critters and the President, or you raise the wages of the Congress Critters and the President.

I guar-on-tee you, when 100's of billions of dollars are moving around, people making 100's of thousands can and will be bought. Further, this is nothing new, the Transcontinental Railroad provided the first scandal (That I recall) and nothing has changed since.

Cheers
Qazulight (Best wisdom I was ever told: You wanna ride, you gotta pay.)

All "strong regulations" do is create barriers to entry for the little guy.