Or more to the point, if you are overseen by congress, which is in the pocket of these big banks, then regulatory action can be dangerous to your career.

"Get big government out of my business!" "These regulations are killing my business!" "People are going to go overseas and do the same thing!"

It's not just congressmen too. Even the public can be turned against the regulators with a steady drip of anti-regulation rhetoric from the newsmedia.