Recent revelations of regulators who refuse to regulate (in this case, the Securities and Exchange Commission) should not surprise Americans.
As far back as the meat and poultry inspectors who don’t inspect the food coming to your table, our government has a long history of ignoring or colluding with those who Congress told them to regulate.
“Laws, like sausages, cease to inspire respect in proportion as we know how they are made.” John Godfrey Saxe (before Bismarck)
Maybe this is due to a kind of Stockholm syndrome,where the regulator becomes friends with those she was suppose to watch, but a deeper issue may be that those who staff the various industries are in sympathy with those regulated.
That our national government is rife with corruption is beyond dispute. Those who are supposed to be defending us—the CIA, NSA, DoD, SEC, FDA—are now suspect of being threats.
“Who will guard the guardians?” Juvenal