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View Diary: Elizabeth Warren wants answers on bank settlements (67 comments)

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  •  Regulators Don't Regulate Much (7+ / 0-)

    As someone who used to try to deal a lot with the FTC, my opinion is that 95% of the regulators do not view their job as actually protecting the public.  They view it as helping out the people they regulate and doing as little as possible to go after large entities in that field.

    On the rare occasion when you do see a strong regulator (for example, Spitzer), they generally get a lot done.  You need to do away with the idea that "we are all in this together" - the attitude should be "I am here to police you, so don't mess up."

    I was at a speech once where an FTC attorney kept referring to the entities he was supposed to regulate as "we" and saying "we think" and "we work together."  I finally said, "Uhhhh, aren't you supposed to be proetcting the public  FROM these people?  How can you when you think of them as your business partner?"  That led the FTC guy to later say he would never speak at a such a function again because he had been "attacked ruthlessly."

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