Regulators enforce laws too... They are the banking police.
JPMorgan has the resources to fight the regulator in court if it’s exceeded its scope. It happens all the time.
JPMorgan has the resources to fight the regulator in court if it’s exceeded its scope. It happens all the time.
Although I said in the above post that JP Morgan should be held accountable to regulatory law... So the disagreement here seems to be with something I never said.
Should regulators hurt some companies and help others, behind closed doors and for unwritten rules?
That's a different kind of question than should "the courts and police enforce criminal law," which the above user I was responding to was confused about.
That is what the point was.
I can see how reasonable minds can agree on what amount of trust they place in the hands of regulators. Clearly, judging by downvotes, a majority HN believes they should have authority to manipulate markets by picking winners and losers based on determinations of good or bad behavior--and all behind closed doors and outside of written rules. I just simply dont agree with that, as most other economists and Bloomberg news clearly does not, either.
I dont disagree with the end result, I disagree with the method.
Also, you may disagree, but I dont believe you honestly dont understand what I am saying.