Yeah, scams and frauds are "real" crimes in the sense that they have actual victims. They also usually aren't a product of poverty or mental illness, so it's hard to argue that you should be redirecting enforcement money to addressing root causes.
Most people in finance think they can make money off loopholes and borderline-legal conduct, and even the semi-honest ones have anti-regulation brainworms. On top of that, they have the classic capitalist inability to weigh small, short-term costs (regulatory hassle) accurately against big long-term risks (getting fucked in a financial crisis).
Yeah, scams and frauds are "real" crimes in the sense that they have actual victims. They also usually aren't a product of poverty or mental illness, so it's hard to argue that you should be redirecting enforcement money to addressing root causes.
The financial sector should be in full support of more policing of their industry, given what we know about the root cause of financial crimes…
Most people in finance think they can make money off loopholes and borderline-legal conduct, and even the semi-honest ones have anti-regulation brainworms. On top of that, they have the classic capitalist inability to weigh small, short-term costs (regulatory hassle) accurately against big long-term risks (getting fucked in a financial crisis).
I was more pointing out that the root cause of financial crimes is capitalism, but yes, also all of the above.