An employee of the regulator could earn much more money in the private sector, so why upset a potential future employer? And in the finance industry it is hard to argue that money is a bad thing.
It’s good that she speaks four languages. It will make the transition much easier when she’s seeking asylum in another country.
Wait did you really ask why she should have acted against the impropriety instead of engaging in it, since she would receive greater financial compensation for the latter?
Did you then support that by arguing that money makes doing bad things okay in that industry?
Wait, there should be actually be no sound because the point based by you in a low earth orbit.
As a dude whose day job is appeasing actual corporate-world finance regulators, this whole thing just made me facepalm over and over again while moaning “holy fuck, these guys get paid to do jack shit.”
I’ve heard that argument, but a lot of people who are in the gov. stay in the gov. Why? Yes the pay is a less, but it is still pretty good. The stress and how “hard” you have to work is generally less. Your medical and benefits is usually very good. It is usually very secure and to get fired from. So while some might be using it as a stepping stone for connections and experience, a lot of them have no motivation to go elsewhere. Which means the culture and direction they are told to work in is what is causing this complacency.
Definition: “‘Regulatory capture’ is a form of political corruption that occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or special concerns of interest groups that dominate the industry or sector it is charged with regulating.”
I find it interesting that this information coming out and the person who invented the “Too Big To Fail” doctrine resigning happened in the same week.
Is anyone really surprised by all this. Did not at least some of us suspect that this cozy arrangement of the regulator and the regulated is a matter of course. That is why the crash happened and that is why is still not fixed. Call it what you like, I call it corruption.
Cory, thank you for posting this. Everyone else pass it on!
Until people realize that the law no longer applies to captured agencies they will simply plead for more regulators not realizing that the capture will only make things worse. Instead we need either a revolution where proles will die by the millions and it is just as likely different powerful bad people will take power or we need to get enough people voting on principle from the party primaries up to begin banning revolving door regulator post-employment agreements. People entering public service should got a good, fair, even generous deal but like a commercial non-compete agreement must be banned from receiving post employment(as a regulator) perks, bribes, or job offers from those corporations who they regulated.
Seems like the timing might be good for making another go of it.
He/she is just being a realist
Thank you. That should’ve been included in the original article, or added to the re-post.
Warren - Segarra 2016
This is the Obama Presidency culture of coverups and coziness with the banks. All cloaked under the big lie of “National Security”. There were probably payoffs along the way by the bankers and big money boys but so far not a peep from the “Department of Injustice” The banks not only got away with murder they have continued to do so under Obama’s protection. He really isn’t President of the United states he is #1 Racketeer of the United States. He should be impeached and tossed into jail especially if tainted money is found in offshore accounts or under his bed. Holder resigned suddenly for no stated reason. could criminal activity be behind him absconding from the halls of justice?
Obama’s answer for this is to bomb Syria, tangle with Russia and divert the short attention span of Americans away from his malfeasance. So much for hope and change as he racks up points to take the title as one of America’s most crooked Presidents. The GOP has been defanged but as they said in the X files the truth is out there. Now to find one honest person to run for President. The hunt is on but its awfully dark in here
I can understand your anger at the latest evidence that we live in an oligarchy. However to imply that this is specifically Obama’s doing is just wrong. This is the system. If you think the GOP will do anything to fix the oligarchy–unless “fix” means ensuring the further enrichment of their donors–you are simply being naive.
You forgot to mention that Bush gets a pass because Obama is also a Time Lord who can rewrite history to suit his needs.
You know, just in case people remember that Republicans are even worse when it comes to regulating banks.
She should run for public office. She clearly has the integrity for it and is dedicated to the public welfare over her own.
LoL, where realism is strictly limited to placing ones pecuniary interests above all else, sure.
But that’s a pretty shallow system you have there.
I’ve got things money can’t buy, and the wherewithal to understand how and why, so I’ll be damned if I’ll put money before all else.
As well, why would anyone think that someone with her ability is so limited? It is quite clear that she can have both money & morals, so what’s with all these clowns that claim your realism?