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Mary Jo White Spins the SEC’s Revolving Door

March 18 (Bloomberg) -- One of the oft-repeated justifications for why Wall Street must be regulated by Wall Streeters is that what goes on there is both so complex and so essential that only those who have been part of it can be trusted to oversee it.

This argument is bunk, of course. It’s nothing more than a way for the financial institutions, and the many Washington politicians who benefit from their considerable largesse, to make sure the status quo gets maintained.