From taxis to banks, rule is rapidly captured to stifle competition. Only it's unremarkably polite non to order it out loud. Today's WSJ has a lovely niggling piece, Regulation is Good for Goldman confirming the erstwhile together with violating the latter pattern.
the Goldman Sachs CEO explained how higher regulatory costs are crushing the competition.
“More intense regulatory together with technology requirements convey raised the barriers to entry higher than at whatever other fourth dimension inwards modern history,” said Mr. Blankfein. “This is an expensive trace of piece of occupation concern to travel in, if yous don’t convey the marketplace portion inwards scale...
he said his banking company is “prepared to convey this human relationship amongst our regulators”—and the regulators are prepared to convey a deep human relationship amongst Goldman—“for a long time.”
.. it is odd to come across a fiscal CEO similar Mr. Blankfein state the lawsuit together with thus candidly. Goldman tin afford to hire battalions of lawyers together with lobbyists to commune amongst regulators... As ever, powerful regime mainly helps the powerful.I convey met several people who started fiscal companies inwards the pre-Dodd-Frank era. They all order at that spot is no means they could get-go their businesses now. Working out of the garage, yous can't afford a multi-million dollar compliance department.
