It isn't (always) about some sinister revolving door. It's just that the people who enforce regulations and the people who manage compliance at regulated entit

It isn't (always) about some sinister revolving door. It's just that the people who enforce regulations and the people who manage compliance at regulated entities are experts in the same field even when they are not the same people. Both sides can be doing their jobs entirely honestly, but still they will co-evolve in ways that make the system convenient for existing players.