David Kotz

Moral Hazard at the SEC

When attempting to understand much of what happens at the Securities and Exchange Commission, I believe moral hazard is nearly as important a factor as the much more frequently-discussed matter of regulatory capture.
Judd Bagley
5 min read

The SEC and its culture of regulatory capture

But dig a little deeper and you’ll find the Stanford case is the bigger outrage by far, not so much for the scam itself, but for the shocking behavior of the regulators tasked with...
Judd Bagley
8 min read