Regulatory Capture

Caroline Baum writes at MarketWatch: Opinion: An overlooked element of the financial crisis: To err is human There's a name for what happened. It's called regulatory capture, and it means just what the name implies. Regulators become sympathetic to those they are supposed to be regulating, losing sight of their actual function. Granted, some of the financial chicanery was going on in the accounting department, but regulators have access to the information they need to fulfill their supervisory and regulatory responsibilities. All they have to do is ask. This happened, but not at the field......(read more)

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