The federal regulators in charge of protecting the entire banking system have come across a recipe for reducing financial mayhem: increasing the number of cops on the street. In the last five years, according to the Wall Street Journal‘s Aaron Luchetti, the number of Federal Reserve “field examiners” — inspectors who literally work inside the bank they supervise — has increased by 40%. (The Office of the Comptroller of the Currency, another regulating agency, has another 500 embedded watchdogs.) The increased scrutiny means that top banks — J.P. Morgan, Goldman Sachs — could soon be dealing with 35, instead of 20, nagging feds at a time. [WSJ]
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Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons and one novel. Visit him at DanzigerCartoons.