Banking Regulator Played Advocate Over Enforcer - washingtonpost.com

Banking Regulator Played Advocate Over Enforcer - washingtonpost.com:

"When Countrywide Financial felt pressured by federal agencies charged with overseeing it, executives at the giant mortgage lender simply switched regulators in the spring of 2007.

The benefits were clear: Countrywide's new regulator, the Office of Thrift Supervision, promised more flexible oversight of issues related to the bank's mortgage lending. For OTS, which depends on fees paid by banks it regulates and competes with other regulators to land the largest financial firms, Countrywide was a lucrative catch."

So much for government regulation.

The idea behind our government is that it represents the people and the rule of law. Instead, we've structured our government so that different agencies can compete for fees from the very industry they are meant to regulate. Hmm. I wonder how that will work out. Oh wait ...
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