“The more complicated and vague legislation is created, the more powerful special interests will be interested in having “friends” in government. When the Constitution was first ratified, there were only three federal crimes: treason, counterfeiting, and piracy. Today no one is sure how many federal crimes there are, but a 2007 study estimated 4,450.”
“If through an oversight, an exemption or waiver is not included in the statute, the next best thing is to include it as a regulatory rule. Thus, after the Dodd-Frank Act was passed requiring hedge funds to register and report to the government, a rule was written to exempt funds handling only “family money” (however defined). George Soros, a major Obama campaign contributor who had earlier called for regulation of hedge funds under Dodd-Frank, promptly returned non-family money to investors so that he could claim the exemption for his own fund.”
Excerpt From: Lewis, Hunter. “Crony Capitalism In America.” AC2 Books. iBooks.
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