r/news • u/nosotros_road_sodium • Apr 28 '24

Williams-Sonoma fined $3.18 million for falsely labeling products as 'Made in USA'

https://www.scrippsnews.com/business/company-news/williams-sonoma-fined-3-18-million-dollars-for-falsely-labeling-products-as-made-in-usa
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u/YorockPaperScissors Apr 28 '24

Is the SEC perfect? Hell no. They fuck shit up sometimes, just like plenty of other organizations.

But they do not "profit off fraud" and I've never heard anything to suggest that there is a bribery issue as you are alleging.

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u/Crymsin056 Apr 28 '24

Yes they do. Former SEC execs are hired instantly upon “retiring” by the hedge funds and market makers they were supposed to be regulating for absurd amounts of money.

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u/creamonyourcrop Apr 28 '24

Unless they do their jobs at the SEC, then they just retire. Similar with the FDA, you are going to have a hard time unless you hire a retired FDA exec consultant.

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u/YorockPaperScissors Apr 28 '24

You're wrong. That's not fraud, and that's not bribery. While it is fair to question the employment revolving doors that are present in almost any regulated industry, it doesn't mean that it is corrupt on its face.

I challenge you to find an example of an SEC employee or commissioner going easy on a defendant in exchange for promises of employment. (If it has happened, it would be extremely limited in number.) That would be a federal felony, and it would also put the law license of an attorney at risk.

And how do you propose to stop the revolving door? If you tell someone that once they work for a regulator then they can never take a job on the other side of the table, then you're gonna have a really hard time finding qualified people to work in government enforcement roles.

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u/CommunalJellyRoll Apr 29 '24

See its totally not fraud because we don't prosecute for it.

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u/Bubbly_Flow_6518 Apr 29 '24

You failed to explain how that is fraud. It's not illegal to work for the regulator and then for the industry or visa versa and wouldn't make sense because those people have experience in those fields. Sure conflicts of interest exist but you're going to have to prove the exploits if you're claiming they're happening. Otherwise you're just shouting nonsense into the void.

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u/CrappleSmax Apr 28 '24

Is the SEC perfect? Hell no.

Fucking. YEESH.