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That how the conspiracy-minded assume it works because it fits their world view better, but there's little evidence to support it. Insightful finance journalist (and former investment banker) Matt Levine often suggests that the revolving-door incentives are the reverse: Create tough and complicated regulations while you work at the SEC so that a big bank will have to hire you to help navigate those regulations.

Some examples where he has written about this issue: https://news.ycombinator.com/item?id=11545117

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