He\’s finally noticed it:
That’s the problem at the International Accounting Standards Board.
A few of us have dared to see that world could be different.
But they’ve been captured by the principal actors as they see them – the Big 4 and their clients – from whose ranks they come.
That’s the inherent failing of self regulation – so much a part of the failed model of capitalism that now needs replacing – writ large.
But that won’t stop us.
But he\’s failed to note the import of his observation.
Regulatory capture is not the observation that this or that regulatory organisation is being a bit too chummy with those it regulates.
It\’s that every regulatory organisation ends up that way.
And Richard, of course, is one of those insisting that ever more parts of the economy should and must be regulated ever more strictly. He\’s thus pushing, unknowingly, ever more chumminess.