It's disgusting to read that the world's richest country refuses to fund the regulators who monitor its markets. In effect, the US government is letting corporations get away with skullduggery. Regulators in America are being outspent by companies they're supposed to police.
Ben Protess at the New York Times Dealbook reports that on a recent trip to New York to tour a trading floor, a group of employees from the commodities watchdog, the Commodity Futures Trading Commission, had to catch a bus that took them across New York. Despite a 5.30am departure time, they still arrived late. Because of all the cut backs, they don't have enough bodies to investigate corporate malfeasance.
"We spent hundreds of billions of dollars on a hideous bailout, and now we're not going to fund reforms to prevent another one," said one commissioner.
Next time we read about corporate malfeasance in the US, let's remember that the US government is colluding.
no comment untill now