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That's across the whole globe, in the US it was only $4.3B, and it's a record year because of the 1MDB settlement. This is the government clawing back dimes on

by verall 5y ago

That's across the whole globe, in the US it was only $4.3B, and it's a record year because of the 1MDB settlement. This is the government clawing back dimes on the dollar from banks that profited massively by aiding illegal enterprises. For the size and scope of regulatory agencies to increase, their budgets would have to increase faster than inflation of wages in their relevant markets. We don't see that in finance (SEC) nor in technology (FCC). The regulators are paid comparative peanuts.

bko 5y ago
Do you have a source? Here's a source that suggests SEC budget has increased 82% over 10 years https://www.heritage.org/government-regulation/report/reforming-the-securities-and-exchange-commission https://www.heritage.org/government-regulation/report/reform...
- verall 5y ago
  Hard to tell if you're arguing in good faith with a heritage foundation link, but the stats there are fine. A 82% budget increase from 2008-2018. But only a 31% increase in employees since 2004. Markets have gotten much larger with many more trades over the same time period. Certainly technology helps handle the increase but there is an orders of magnitude difference between a 2004 market and a 2021 market. Crypto is a good example. It didn't used to exist. SEC is the only US regulatory body for it.
  - bko 5y ago
    > Hard to tell if you're arguing in good faith with a heritage foundation link, but the stats there are fine. I don't know what you mean by this. I googled SEC spending over time and found this well sourced article about spending. I understand that Heritage Foundation is a conservative think tank but why does citing something from there mean I'm not arguing in good faith? I'm missing something.... > A 82% budget increase from 2008-2018. But only a 31% increase in employees since 2004. Markets have gotten much larger with many more trades over the same time period. Certainly technology helps handle the increase but there is an orders of magnitude difference between a 2004 market and a 2021 market. Your original claim was that they're underpaid or underfunded, which is just wrong. Their budgets have increased by more than the inflation rate. And you still don't provide any data to back up any of your other claims, instead you attack me for arguing in bad faith and claim it's not a big enough increase because you think it should be bigger because you know, crypto.
    - verall 5y ago
      I didn't attack you. The SEC was underfunded in 2008, and was still underfunded in 2018. A good source showing that their budget has increased by 82% over those 10 years doesn't change, or even challenge that. My original points were: - These fines are dimes on the dollar compared to profits gained - Regulators are comparatively underpaid, with the comparison point being workers in the regulated sector. Goldman Sachs is a single firm that made $9.5B in profit in 2020 who has to pay a $2.9B fine over $1.6B in bribes paid with $2.7B of "misappropriated funds". A single firm paid nearly the entire SEC's budget ($1.75B 2020) just in bribes to foreign officials. But sure, since the SEC's budget has increased by 82% since the housing market failed, they have all of the funds they need. Clearly we have a value difference here. The issue is not the facts at hand, it is our opinions on what they mean. https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign...

by verall 5y ago

bko 5y ago

Do you have a source? Here's a source that suggests SEC budget has increased 82% over 10 years https://www.heritage.org/government-regulation/report/reforming-the-securities-and-exchange-commission https://www.heritage.org/government-regulation/report/reform...

verall 5y ago
Hard to tell if you're arguing in good faith with a heritage foundation link, but the stats there are fine. A 82% budget increase from 2008-2018. But only a 31% increase in employees since 2004. Markets have gotten much larger with many more trades over the same time period. Certainly technology helps handle the increase but there is an orders of magnitude difference between a 2004 market and a 2021 market. Crypto is a good example. It didn't used to exist. SEC is the only US regulatory body for it.
- bko 5y ago
  > Hard to tell if you're arguing in good faith with a heritage foundation link, but the stats there are fine. I don't know what you mean by this. I googled SEC spending over time and found this well sourced article about spending. I understand that Heritage Foundation is a conservative think tank but why does citing something from there mean I'm not arguing in good faith? I'm missing something.... > A 82% budget increase from 2008-2018. But only a 31% increase in employees since 2004. Markets have gotten much larger with many more trades over the same time period. Certainly technology helps handle the increase but there is an orders of magnitude difference between a 2004 market and a 2021 market. Your original claim was that they're underpaid or underfunded, which is just wrong. Their budgets have increased by more than the inflation rate. And you still don't provide any data to back up any of your other claims, instead you attack me for arguing in bad faith and claim it's not a big enough increase because you think it should be bigger because you know, crypto.
  - verall 5y ago
    I didn't attack you. The SEC was underfunded in 2008, and was still underfunded in 2018. A good source showing that their budget has increased by 82% over those 10 years doesn't change, or even challenge that. My original points were: - These fines are dimes on the dollar compared to profits gained - Regulators are comparatively underpaid, with the comparison point being workers in the regulated sector. Goldman Sachs is a single firm that made $9.5B in profit in 2020 who has to pay a $2.9B fine over $1.6B in bribes paid with $2.7B of "misappropriated funds". A single firm paid nearly the entire SEC's budget ($1.75B 2020) just in bribes to foreign officials. But sure, since the SEC's budget has increased by 82% since the housing market failed, they have all of the funds they need. Clearly we have a value difference here. The issue is not the facts at hand, it is our opinions on what they mean. https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign...