“Self-regulation” is the worst kind of oxymoron. Letting the energy industry write pollution laws and food producers write sanitary rules is just nonsense.
Only in Washington would that be called “efficient.”
The technical term for this problem is regulatory capture, a fancy way of saying the true cop on the beat has been sent home for the night. That’s what we just got from the U.S. Securities and Exchange Commission (SEC), the supposed regulator of Wall Street, on financial adviser behavior.