Matt Levine, Columnist

Regulatory Doughnuts and FX Fees

Also regulatory entrepreneurship, moon unicorns, bribes, net neutrality and bitcoin liquidity.

Who runs the CFPB?

"This doing of something about disputes, this doing of it reasonably, is the business of the law," wrote Karl Llewellyn. "And the people who have the doing of it in charge, whether they be judges or sheriffs or clerks or jailers or lawyers, are officials of the law. What these officials do about disputes is, to my mind, the law itself." This idea is called "legal realism" and I think about it a lot these days.