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Unfortunately, the opposite is much more common: people who start out as regulators move to the other side. Sure, high level positions like the Treasury Secretary and his staff will often have people from industry. But rank-and-file regulators are, as I understand it, often not from industry.

Harry Markopolous has an excellent book, "No One Would Listen" (http://www.amazon.com/No-One-Would-Listen-Financial/dp/04705...) about how he warned regulators multiple times about Madoff. In the book, he explains how good regulators often end up going to industry because the pay and prestige is much, much better. So, what you're left with are the people who couldn't hack it in industry, which means the regulators are continually going to be outgunned.




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