Tuesday, March 12, 2013

Put Regulating Miscreants in Jail

I posted last month about financial miscreants, and how fines to companies only makes the shareholders liable for the actions of company officials.  It reminds me of the PGE gas pipe inspectors who faked reports for decades, letting unsafe pipes to go undetected.  When their deceptions were detected the were -- fired!  Is that really all we can do?

Back to the world of cowboy finance.  Goddess Elizabeth Warren got on the backs of regulators last month and showed them to be pusillanimous paper pushers.  Today we hear more of this.  They take no action whatsoever against banks and officials who launder money for the drug cartels.  Warren contrasts their inaction with the draconian police and court actions against small time pushers and users.  Here it is:


Which leads me to follow up my post with a new wrinkle.  What are we going to do with these non-acting regulators?  Firing them would be too gentle.  I say, put them in jail!  (As I observed before, that prospect would serve to concentrate their attention.)

Budd Shenkin

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