With the news today that former Securities and Exchange Commission Chair Mary Schapiro is taking a job at Promontory Financial Group, another powerful former regulator is headed to a lobbying and consulting firm to help thwart regulation of the people she used to prosecute. While you might have thought that the near-collapse of the financial system four years ago, which was largely due to regulatory failure by the SEC, would have brought about reforms to prevent such inlfuence peddling to continue, you would have been wrong.
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