Want to get rich in the financial services business? Become a regulator! Judicial Watch sent Freedom of Information Act Requests to key agencies to find out what they pay their people. Get ready to be outraged. From BigGovernment.com:
The CFPB responded on August 4, 2011. The SF-50s revealed CFPB workers being hired at salaries twice the maximum ordinarily allowed under guidelines published each year by the Office of Personnel Management. A dozen new hires take home more than $225,000 a year, and a student intern is currently being paid $42,036 “through completion of education & study” as a communications trainee.
The CFTC responded on September 12, 2011, but blocked out most of the information on the 26 forms provided. The documents, however, reveal that the agency has instituted a cash award bonus system, and during the first six months of 2011, the agency doled out from $400 to $5,000 in bonus income to employees already earning $225,000 or more per year.
The OCC responded on August 22, 2011. The SF-50s indicated that 85 workers earn $225,000 or more per year. The employee names, as well as the legal authority under which the pay raises were issued, were blotted out.
The U.S. Department of the Treasury, responding on August 25, 2011, indicated that two employees earn more than $225,000, but withheld their names.
The SEC responded on October 3, 2011, reporting that 103 workers earn $225,000 or more per year.
Who knew that the OCC was such a windfall for bureaucrats? Once upon a time, the idea behind government service was service. People would go work for the government for a few years in order to do something for society at large, even at the cost of some forgone earnings. Or if you wanted to make government a career, the deal was you’d take a lower salary than the private sector offered, but would get bulletproof job security and lavish benefits. It might not have been a perfect tradeoff, but it had a basic fairness all around. Now we have a situation where a dozen hires at a brand new agency are making over $225,000-and they can’t be fired, and they’re on a gold-plated health and retirement plan. No wonder the Washington suburbs have become the richest in the country. This situation is ridiculous and obviously unsustainable.
I scarcely need to add that these same regulator fat cats failed to anticipate or prevent the financial meltdown, so that the system nearly collapsed at the same time they were drawing those big paychecks. . . This makes absolutely no sense.
What do you think? Let me know!