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> It is a puppet of the banks themselves. This is ofcourse false. But given how little effort you made on this comment i assume nothing will change your mind:

> It is a puppet of the banks themselves. This is ofcourse false. But given how little effort you made on this comment i assume nothing will change your mind:( https://www.nytimes.com/2022/09/27/business/banks-fined-texting-sec.html https://www.nytimes.com/2022/09/27/business/banks-fined-text... https://www.sec.gov/news/press-release/2022-174 https://www.sec.gov/news/press-release/2022-174 https://www.sec.gov/news/press-release/2022-206 https://www.sec.gov/news/press-release/2022-206

deelly 3y ago
Fact that SEC sometimes fine some banks doesn't mean that SEC completely safe from influence from big banks. As usual its not a black and white picture.
idiot900 3y ago
Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?
- JumpCrisscross 3y ago
  > Who works in the SEC? Former bank/finance employees Source? There is a revolving door, but it’s as much between industry and the SEC as it is between it and the rest of the public sector.
  - danuker 3y ago
    https://www.sec.gov/about/commissioners https://www.sec.gov/about/commissioners Well, honestly I am surprised at how extensive the commissioners' background is in public service and/or education.
- meepmorp 3y ago
  What sort of work experience do you think the applicants for the jobs at the SEC ought to have? If you need people people with experience in banking and finance, especially the legal and regulatory/compliance areas, where would you do your recruiting?
  - pessimizer 3y ago
    Do you think that only experienced murderers should adjudicate murder cases? Should all cops be expected to have extensive criminal experience, and should we expect them to return to crime after they retire from the police?
    - chollida1 3y ago
      What you wrote is so far away from a good faith argument that it’s pretty hard to see it as anything other than low effort trolling.
      - salawat 3y ago
        They are actually making a very powerful point. A regulator is expected to at some point operate from an "external to industry" perspective. Much like a test framework or testing harness must exist out_of_band of the system under test. A regulator that regularly pulls exclusively from industry insiders should raise eyebrows. Now whether the SEC actually pulls the majority of hires from industry insiders, that's another question I can't readily answer. Don't have those figures.
    - salawat 3y ago
      This. If anything, insider experience tends to dull willingness to enforce because "it's how everyone does it". As a regulator, the public in a real way depends on you to be the lever that looks at how everyone does it, and be willing to say "not good enough"
danuker 3y ago
The first two links describe the same event, if I can tell correctly. A lot of people fail to realize how crucial financial institutions are for society. Everything we do has national currency as a middleman, and national currency is more under private control than under public. $125M is a fee for stealing as much as you wish, since you have the power to print money. Need more assets? Just give out credit more loosely for a while. Then "accidentally" delete the records of what money went where, then get bailed out. Commercial banks get to create and spend currency before its impact hits the wider market through inflation. In addition, the rate of creation has to continuously surpass debt repayment, otherwise there is a liquidity crisis. They have an immense privilege, and as such, should be held to much higher standards. "Give me control over a nation's currency, and I care not who makes its laws." If the violation of even the standards we have results in less than a month's worth of PROFIT for several years of wrongdoing, how are these rules or outcomes fair?

deelly 3y ago

Fact that SEC sometimes fine some banks doesn't mean that SEC completely safe from influence from big banks. As usual its not a black and white picture.

idiot900 3y ago

Who works in the SEC? Former bank/finance employees. Where will these employees go work if they decide to leave the SEC?

JumpCrisscross 3y ago
> Who works in the SEC? Former bank/finance employees Source? There is a revolving door, but it’s as much between industry and the SEC as it is between it and the rest of the public sector.
- danuker 3y ago
  https://www.sec.gov/about/commissioners https://www.sec.gov/about/commissioners Well, honestly I am surprised at how extensive the commissioners' background is in public service and/or education.
meepmorp 3y ago
What sort of work experience do you think the applicants for the jobs at the SEC ought to have? If you need people people with experience in banking and finance, especially the legal and regulatory/compliance areas, where would you do your recruiting?
- pessimizer 3y ago
  Do you think that only experienced murderers should adjudicate murder cases? Should all cops be expected to have extensive criminal experience, and should we expect them to return to crime after they retire from the police?
  - chollida1 3y ago
    What you wrote is so far away from a good faith argument that it’s pretty hard to see it as anything other than low effort trolling.
    - salawat 3y ago
      They are actually making a very powerful point. A regulator is expected to at some point operate from an "external to industry" perspective. Much like a test framework or testing harness must exist out_of_band of the system under test. A regulator that regularly pulls exclusively from industry insiders should raise eyebrows. Now whether the SEC actually pulls the majority of hires from industry insiders, that's another question I can't readily answer. Don't have those figures.
  - salawat 3y ago
    This. If anything, insider experience tends to dull willingness to enforce because "it's how everyone does it". As a regulator, the public in a real way depends on you to be the lever that looks at how everyone does it, and be willing to say "not good enough"

danuker 3y ago

The first two links describe the same event, if I can tell correctly. A lot of people fail to realize how crucial financial institutions are for society. Everything we do has national currency as a middleman, and national currency is more under private control than under public. $125M is a fee for stealing as much as you wish, since you have the power to print money. Need more assets? Just give out credit more loosely for a while. Then "accidentally" delete the records of what money went where, then get bailed out. Commercial banks get to create and spend currency before its impact hits the wider market through inflation. In addition, the rate of creation has to continuously surpass debt repayment, otherwise there is a liquidity crisis. They have an immense privilege, and as such, should be held to much higher standards. "Give me control over a nation's currency, and I care not who makes its laws." If the violation of even the standards we have results in less than a month's worth of PROFIT for several years of wrongdoing, how are these rules or outcomes fair?