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>You know who never goes to jail? Regulators.

Are they paid enough for that increase in risk? I don't know what they make, but other government positions are already underpaid compared to their private sector equivalents. Making them come with a risk of jail time for failing ones job too badly will only result in even less qualified people filling those positions.

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I've often thought that we should pay financial regulators competitively with what they could make in the private sector AND in conjunction institute some kind of sweeping moratorium (e.g. you may not take any corresponding job in the private sector for at least 10 years after your government service ends.)

I'm sure this would be politically untenable. Headlines would cry about absurd salaries being given to government employees.

However I'm equally confident it would save us money in the long run. The current system seems almost designed to create toothless regulators and a revolving door.

I dare say the majority of government waste and other problems are simply a case of 'you get what you pay for'.

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