FWIW just listened to a podcast story that involved the “old boys club” (another economic term I discovered is “regulatory capture”)
The Secret Recordings of Carmen Segarra
An unprecedented look inside one of the most powerful, secretive institutions in the country. The NY Federal Reserve is supposed to monitor big banks. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she got a tiny recorder and started secretly taping
Yes, I’m aware of this story. “Regulatory capture” is pretty much they way everything works WRT regulations. Find me a regulatory agency that doesn’t have a revolving door to the very same companies/entities that it’s supposed to regulate. Yes, it’s a problem. The only solution I can think of to expressly prohibit anyone from going from a regulatory agency to any related company in the private sector, and vice versa…and prohibit it FOR LIFE. Not only that, but you’d have to prohibit spouses or other friends/relatives (or mistresses, or “buddies” who are owed favors) from being employed with the regulated companies and ALSO prohibit them from being employed by anyone who has connections to these companies, even if they’re not in the same industries (I hope you can imagine how complex this can get).
Feel free to share any solutions you might have…there’s a dearth of ideas out there.
