BLACK: Well, we don’t know all that much about it. There’s enormous speculation. But the reason we don’t know as much as we should is: why are we relying on the Senate to do the investigation? I mean, the Senate has its staff of six or seven people that it was able to allocate for several months to do this investigation. The U.S. banking regulators have several thousand investigators who are supposed to be doing this full-time and be absolutely expert in it. So what we’re really learning is not just about the banks, but how deeply in bed the banks are with the regulators.
[…]
BLACK: First, the regulators were absolutely in bed with the industry. That isn’t a suspicion. That isn’t an exaggeration. Barofsky says that’s the real world, folks.
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