KCG Holdings (KCG)

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Captured regulators....former SEC Chairman consultant to Goldman Sachs

Study Group The incident shows regulation is “broken” and a study group should be convened to review technology and market structure, Arthur Levitt, former chairman of the Securities and Exchange Commission, said in an interview. Regulators would have been able to stop incidents such as yesterday’s breakdown if they didn’t face a lack of resources, he said.
“The ability of regulators to do their job has never been weaker than it is today because of the failure of the oversight process,” Levitt, 81, said yesterday in an interview. Levitt serves as a consultant to Getco LLC and Goldman Sachs Group Inc. and is a director of Bloomberg LP, parent of Bloomberg News. “Congress has a greater responsibility for what we’re seeing today than any regulator or any particular part of the industry. They’ve allowed this to happen.”