The Curajously Incompetent State

The reason that government should know everything about what we and companies do is because:

The Dutch market regulator mistakenly published the details of hundreds of previously private short selling trades by international hedge funds, including bets against Dutch banks by George Soros and the positions of Renaissance Technologies’ enigmatic Medallion fund.

4 comments on “The Curajously Incompetent State

  1. If they were any good at their jobs they would get better pay in the private sector.

    Besides, when the state employs a quarter to a third of the work force, it is inevitable that they will employ a lot of bottom feeders. It is inevitable that as the state tries to do more, everything it does will be done less well.

  2. I presume the parties involved will suffer the same sanction that they would have had this breach been the responsibility of a private company.

  3. @SMFS. I actually, sort of, agree with you. I work for an important regulator and you can see the difference between people who could easily get a job outside and those who couldn’t. Your maxim holds true for the later kind and we, or my area at least, is always making efforts to manage out such types and avoid hiring them in the first place. In fact our strategy for staffing invovles hiring young and using our experts to train and develop them. An expensive but not good person is something we can’t afford.

    We do have staff turnover and we can’t compete on salary for people with skills that are in demand. We compete in other ways which means we get a hollowed out age distribution as staff hit a point in their lives when money matters more than training, interesting and demanding work experience or, at the other end, work compatible with family life.

    I occasionally market test my rate but at my level tax takes up a huge amount of the uplift and in a wider context my wife’s work is even better paid and more demanding so we need to manage as a family unit.

    Regulating financial firms is hard work.

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