Wednesday, November 9, 2011

Government Regulation Failed

Government financial regulation seems strict, and it effectively limits competitors. The politically well-connected receive regulation waivers, then proceed to bankrupt their companies and steal from their clients.

FINRA Gave Corzine Waiver to Run MF Global
When Jon Corzine returned to the securities business to run MF Global, he did so without requalifying or registering, as required by FINRA. Apparently FINRA waived the requirements for the former New Jersey governor, who resigned from the now-bankrupt MF Global last week.

According to a story in Forbes, a search on FINRA’s BrokerCheck failed to turn up the former head of Goldman Sachs ...

FINRA is generally insistent on the need for registration ...