It takes a lot of chutzpa for George Will to write a column in 2013 railing against federal regulation and not even mentioning that the financial sector brought the $60 trillion world economy to its knees and it has yet to recover ("A Runaway Train," June 3).
Author Michael Lewis characterized it perfectly when he described "an era when capitalists went out of their way to destroy capitalism." And to dispel any notion that they're feeling chagrin, they're pulling out all the stops to mitigate Dodd/Frank. While the Justice Department is setting records for convictions and fines for crimes in the financial industry such as insider trading, it's worth emphasizing that the financial sector is not the only one getting scrutiny.
For-profit colleges are under review. They receive 30 billion tax dollars per year and their students default on their loans at twice the rate of public colleges.
GlaxoSmithKline paid $3.4 billion last year, the largest drug corporation fine ever, for putting the consumer at risk.
In his column, Mr. Will commits another transgression by devoting two-thirds of it to the Positive Train Control act, attempting to link it to President Barack Obama. However, it passed in 2008 and was signed by President George W. Bush, who goes unmentioned.
This is similar to a fact in the IRS case that is not getting adequate attention. It was IRS Commissioner Douglas Shulman, who left the administration in 2012 and who testified in 2010 that the Tea Party was not being singled out for scrutiny. He was appointed by Mr. Bush. Does anyone believe that a Bush appointee singled out the Tea Party for persecution?