Wall Street’s Relations With It’s Regulatory Agencies

Wall Street has been often called too close to its regulatory agencies. The question comes up when financial calamities occur.

That’s because officials of major brokers and investment bankers are often recruited to become regulators.

But who has the needed experience?

Unfortunately, we often have bureaucrats and politicians in Washington who enact or supervise what affects business operations. Yet, they have never successfully operated a business or financial entity on their own.

You have an example the way banks were pushed to accept subprime loans in order to have folks get homes they never could afford. ( See the Earl J Weinreb NewsHole® comments.)