The regulators themselves, as we know, are not omniscient. They are not going to be perfect. They are not going to always get it right, and in the end, eventually institutions will fail anyway.
Editor's note · Context
Toomey points out the fallibility of regulators and inevitability of institutional failures.
Share
More from Pat Toomey
it is impossible for me to understand how it is a faithful implementation of the law to systematically exclude the vast majority of deferred maintenance categories.
We owe it to each customer to get to the bottom of the FTX implosion, and any violations of the law should be aggressively prosecuted.
There was unauthorized lending of customer assets to an affiliated entity, and there were apparently fraudulent promises to investors and customers about FTX's operations.
I have no doubt that a few years after these projects are completed, transit agencies will come back to Congress pleading for still more subsidies to operate systems that have become far too large for the demand.





