Wall Street Sets the Rules for Regulators

Wall Street Sets the Rules for Regulators

Herod: Ill tell you what, Ill be a Good Samaritan. Whats the cheapest gun you got? Not in a case. I mean the cheapest piece of worthless crap you have in the whole miserable store.

Kid: All right. (Brings out the cheapest gun and slams it on the counter). 5 bucks.

Herod: Sold!

Kid starts to put bullets in the gun.

Herod: What are you doing? Preacher heres got the Lord on his side. He only needs one bullet. Just one. Otherwise he might be tempted to shoot his way out of town. – “The Quick and the Dead.”

The current dynamics of the regulatory overhaul is a depressing development. While we’re normally quick to criticize regulators (and for good reason), we also have to admit that monetary deprivation of such agencies by Republicans, as evidenced by budget cuts for the Commodity Futures Trading Commission, transfer some blame to anti-regulatory forces in Congress. Regulators currently entrusted with the task of policing Wall Street are facing a well-funded, well-connected and politically shrewd beast.

In essence, regulators are not writing the rules for Wall Street. Wall Street is writing the rules for regulators.

Rest here…



4 Responses to “Wall Street Sets the Rules for Regulators”
  1. chitown2020 says:

    It is sad that things really are this bad.

  2. tonycat says:

    Vote them out! However, what is scary is what we will get in their place. What to do?

  3. Hell No, No More Blasted Bankster Bail-Outs says:

    What this author failed to also note is that the very same tactic has been pulled on the SEC by congress. The funding for the SEC to regulate has been extremely impacted by the size of the SEC’s budget for regulatory actions. Yet this part of the SEC has been known to collect more than the outlay for the SEC actions. Unfortunately the fines collected do not get added to the SEC’s budget. The SEC’s actions bring in more than the outlay, but still congress decreased the funding for the SEC.

    Wall St is writing the rules for the SEC regulators, not just for the CFTC.

    • Oliver Wendell Holmes says:

      But how about the willing participants like Julie Williams and her temporary boss John Walsh, both of whom have demonstrated utter disregard for Regulatory conduct, as in Regulate. Those stooges and their bosses , Tiny Tim, Eric (Covington…) Holder, and Mr. Hope and Change himself, et al, have openly declared their loyalty to Wall Street and the banksters: that the bankster fraud may be immoral, but not illegal…when FRAUD is what the banksters themselves admitted to and paid a slap-on-the-wrist fine for it.
      They speak with a forked tounge, and do the exact opposite of what they promise to do.

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