A federal watchdog you’ve probably never heard of is supposed to be protecting your financial security. It’s supposed to be policing some of the biggest and most powerful firms in American business. It’s supposed to reduce the risk that, as a result of fraud, error, or corporate incompetence, your financial future goes poof.
But in key respects it’s been doing a feeble job.
Over its entire history of more than 16 years, when it comes to some of the biggest firms under its jurisdiction, it has taken disciplinary action over only a tiny fraction of the apparent violations its staff has identified.