A professor Macey (I used a lowercase p deliberately) from Yale Law school was on the Daily Show this evening. As he tried to describe how private equity firms work, and John would point out that the firms didn't even follow the rules/laws the professor said they operate under, he was reduced to smiling uncomfortably, or saying "Oh dear". He eventually had to leave admitting that not very much of what firms like Bain Capital is above board or even kosher by law. They just pay the SEC the fine, which is usually a small percentage of what they have already milked out of the company they bought.
It's a self policing system, which when you're dealing with the kind of greed the rich are apparently imbued with, doesn't stand a chance of operating as a self governing system. And this is a surprise how?
