Principle

US Securities And Exchange Commission sealFollowing reports about soaring US executive pay levels, including the private equity likes of KKR and Blackstone, an SEC lawyer scorns regulatory efforts for the financial elite, reports Bloomberg.

Interesting to see that people are more frequently asking: Why have no bankers gone to jail?

The common assumption is that the FSA in London and the SEC in America were too hand in glove with the bankers to bring them before the courts.

In a speech at his retirement party an SEC lawyer is reported by Bloomberg to have said that SEC bosses were keener on sucking up to banks to get jobs after they left the SEC, than on pursuing malefactors.

The links between the FSA and the banks, MPs and the banks, Ministers and the banks kept the UK banksters out of jail.

This sits closely with Maria Miller’s case. Miller, like the bankers, doesn’t believe she did anything wrong. That’s clear from her perfunctory apology.

The MPs who pretty much exonerated her also seem to think she did nothing much wrong.

The Prime Minister, whose lack of any principles is becoming a national embarrassment, clearly thinks she did nothing wrong.

So why is it that every normal person in the country reckons she was quite scandalously wrong?

It’s because there is a disconnect between the values of the rich and powerful and the values of the vast majority.

Tags: Bloomberg

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