Perhaps we should thank Dodd-Frank for one thing – its contribution to the sticky unemployment problem. Mary Schapiro says the SEC will need to add 800 people to implement financial reform, which she says promises to be “logistically challenging and extremely labor intensive.”
And the SEC did find some money to fund these positions. The NYT notes that “[t]he $550 million Goldman is paying also represents nearly half the White House’s budget request of $1.2 billion for the S.E.C. for the fiscal year starting Oct. 1.”
Maybe Goldman was a strike suit in a more literal sense than I’ve suggested.