Post by rmarks1 on Jul 23, 2013 13:35:13 GMT -5
Other Wall Street guys! This is why government "regulation" often does not work. You don't hire foxes to watch the hen house. But who else knows that business?
www.forbes.com/sites/tedkaufman/2013/07/23/to-police-banks-obama-spins-revolving-door-to-bring-in-more-of-wall-streets-own/
Bob Marks
To Police Banks, Obama Spins Revolving Door To Bring In More Of Wall Street's Own
President Obama, despite his promise of “change we can believe in,” concentrated only on stabilizing the financial system and supporting our major banks. To do this, he chose as his top financial advisors and regulators people whom he felt understood Wall Street investing and banking...
Not so surprisingly, once they got in office most sided with the big banks whenever financial reforms were discussed. Many of the regulators, in fact, had worked in jobs before their appointments that would be affected by any new rules they made. Many of them would go back to Wall Street after they left Washington, part of what is known there as “the revolving door” between private industries and government.
There is also a long, troubled history in Washington of “regulatory capture”— regulators being co-opted by and ruling in favor of the industries they are supposed to regulate.
President Obama, despite his promise of “change we can believe in,” concentrated only on stabilizing the financial system and supporting our major banks. To do this, he chose as his top financial advisors and regulators people whom he felt understood Wall Street investing and banking...
Not so surprisingly, once they got in office most sided with the big banks whenever financial reforms were discussed. Many of the regulators, in fact, had worked in jobs before their appointments that would be affected by any new rules they made. Many of them would go back to Wall Street after they left Washington, part of what is known there as “the revolving door” between private industries and government.
There is also a long, troubled history in Washington of “regulatory capture”— regulators being co-opted by and ruling in favor of the industries they are supposed to regulate.
www.forbes.com/sites/tedkaufman/2013/07/23/to-police-banks-obama-spins-revolving-door-to-bring-in-more-of-wall-streets-own/
Bob Marks