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Wall Street IS bad.


TPS

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There's two possibilities: you pick regulators who understand an industry (any industry), or you pick regulators who don't. I think we can all agree that regulators who don't understand an industry aren't going to effectively regulate it anyway.

 

So what constitutes your potential pool of regulators who understand an industry?

It's pretty clear that appointing industry leaders has not led to effective regulation as well. I think there are a lot of people with the skill set to effectively regulate, and they don't need to be former/current CEOs. Someone mentioned Bill Black. I think there are a lot of people with his type of background that were good regulators and would make an excellent head of an agency. The problem is that those kind of people tend to get run out or ignored--good regulators will never be put into place. Why? Because the political-industry nexus has corrupted the system in general.

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It's pretty clear that appointing industry leaders has not led to effective regulation as well. I think there are a lot of people with the skill set to effectively regulate, and they don't need to be former/current CEOs. Someone mentioned Bill Black. I think there are a lot of people with his type of background that were good regulators and would make an excellent head of an agency. The problem is that those kind of people tend to get run out or ignored--good regulators will never be put into place. Why? Because the political-industry nexus has corrupted the system in general.

Have you worked in the Financial services industry before?

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