VIDEO: Tapper Tackles Tepid Tangled Regulators
Witness yet another dance in the Revolving Door Tango between Washington and K Street.
That's Jake Tapper from his new CNN show, and here's an excerpt of the transcript from his blog:
Today CNN learned the former head of the U.S. Securities and Exchange Commission Mary Schapiro is joining a consulting firm which advises financial firms.
The mission of the S.E.C. is "to protect investors and maintain fair, orderly, and efficient markets." Schapiro took the helm at the embattled S.E.C. in June 2009. And while many praise her for restoring the reputation of the agency at that time, she has also been criticized for never fully holding Wall Street accountable for the worst misdeeds that caused the financial crisis.
A conservative or libertarian reads stories like this and says, "Well of course rent-seeking big businesses find willing accomplices in big government -- the money is just too good."
It's always nice to see a mainstream reporter at a major network (if we can stretch the definition of major to cover CNN these days) take on a corruption story like this one. But there's something missing from the outrage, whether it's genuine or just a bit of cover for everything else CNN does.
So what's missing? An exploration of how this kind of corruption is routine and inherent to a massive regulatory state. Outrage over a singular case is easily forgotten, and I can't help but think that's part of the larger strategy with busting these cases -- the authorities have to let a Christian beat the lion once in a while.
If the MSM would show how the system was rigged for and by Big Government and Big Business, people would demand change. Instead, we get the occasional virtual perp walk to keep our frustrations in check.
You're a good reporter, Jake -- so now show us the really big picture. Here are a few questions to get you started:
• Why really is the tax code so complicated -- who benefits?
• What effect does massive regulation have on massive businesses -- who loses?
• What makes people like Schapiro worth so much in the private sector -- what are their skills?
That ought to keep you busy for a while, Jake. Now get at 'em.