Doing Nothing is Its Own Reward

Riffing off the previous, perhaps there's a simpler, more banal reason why our financial regulators seem so passive when confronted by widespread criminality in the markets they're supposed to be overseeing---because, well, being tougher on the industry would imperil their future career viability:

Julie Williams, the former longtime No. 2 at the Office of the Comptroller of the Currency, is joining Promontory Financial Group.

The move will reunite Williams, who worked at the OCC for 19 years, with Eugene Ludwig, the comptroller of the currency from 1993 to 1998 and the founder of Promontory [...]

After her departure was announced, it was an open secret that most law firms with a financial services policy practice were seeking to hire Williams. Her knowledge of the inner workings of the OCC, where she served as acting comptroller twice during her tenure, and the inter-agency process make her a valuable asset.

---Baron V