Yes. And a small group watching a large group can get by with higher pay if they are sufficiently talented.
This is not to say that I endorse a world where large regulatory bodies take all the profits from the regulated and pay themselves salaries, just that this article is a little misleading.
While the article makes (and backs up) that unremarkable claim, there's some real meat further in.
> You might think high-paying jobs at these agencies require special skills. Not so. At the OCC, secretaries make on average $79,182 per annum. Motor vehicle operators (the agency's limo drivers) at the FDIC earn $82,130. Human resources management trainees at the CFPB make $110,759 a year.
> Salary premiums are especially large for easy-to-fill jobs that require no specialized, hard-to-hire skills.
The really disgusting part of the article is this gem (emphasis mine):
> The average compensation at the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) exceeded $190,000 in 2012. The staff at the Federal Reserve is likely even better compensated, but the Fed refuses to release employee salaries.
Even more concerning, today there is little to no oversight of the rents the agencies can extract since the salaries aren't paid with tax dollars. Rather, they're paid using fees charged to the regulated institutions.
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[ 3.3 ms ] story [ 40.9 ms ] threadThis is not to say that I endorse a world where large regulatory bodies take all the profits from the regulated and pay themselves salaries, just that this article is a little misleading.
> You might think high-paying jobs at these agencies require special skills. Not so. At the OCC, secretaries make on average $79,182 per annum. Motor vehicle operators (the agency's limo drivers) at the FDIC earn $82,130. Human resources management trainees at the CFPB make $110,759 a year.
> Salary premiums are especially large for easy-to-fill jobs that require no specialized, hard-to-hire skills.
> The average compensation at the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) exceeded $190,000 in 2012. The staff at the Federal Reserve is likely even better compensated, but the Fed refuses to release employee salaries.
Even more concerning, today there is little to no oversight of the rents the agencies can extract since the salaries aren't paid with tax dollars. Rather, they're paid using fees charged to the regulated institutions.