I'm shocked, shocked to find that gambling is going on here!Former U.S. Securities and Exchange Commission staffers who now work in the private sector may have helped derail last year's effort to reform the $2.6 trillion money market fund industry, according to a report released on Monday.Well, duh.
The case study on money market fund lobbying is part of a 60-page report by the Project on Government Oversight (POGO). It is one example within a broader review by the non-profit government watchdog that examines in detail how the "revolving door" at the SEC may have impacted policy and enforcement decisions over a 10-year period.
The publication of the report comes a few weeks after President Barack Obama nominated Mary Jo White, a former prosecutor and high-profile white collar defense lawyer, to lead the SEC.
While White's nomination has generated little controversy so far, some have questioned whether her past defense of Wall Street executives could impact how she does on the job.
"The revolving door is deeply embedded at the SEC and throughout the federal government," the report said.
"The close linkage between the regulators and the regulated can influence the culture, the values and the mindset of the agency - not to mention its regulatory and enforcement policies."
But this is not an unfortunate linkage, it is bribery. If you are a regulator, you know for a fact that when you leave public service, if you have played nicely with the finance industry, and haven't murdered a prostitute, that you will get a job that would make you set for life in just a couple of years.
I'm not sure how to put an end to this, but a way needs to be found to stop this.
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