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The question is whether the sorts of common-sense regulations advocated by Mr Hoenig can cancel out the implicit subsidy for risk-taking.
The A.F.L.-C.I.O. has a direct economic interest: the regulations advocated by the consortium would increase American companies' foreign manufacturing costs, thus encouraging them to abandon their operations abroad and manufacture products domestically instead -- employing union labor.
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Its policies include cutting taxes, opposing climate change regulations, advocating reductions in labour protections and the minimum wage, privatising education, restricting voter rights and lobbying for the tobacco industry.
These disagreements, which are generally split between the left and the right, can have the certainty and anger of religious wars: the right accuses the left of hobbling banks and undermining prosperity; the left counters that the relatively lax regulation advocated by the right will lead to a corrupt oligarchy.
On the broader issue of regulations, advocates argue the Pacific accord will raise standards abroad in places like Vietnam and Peru, while critics predict a lowering of standard for US businesses struggling to remain competitive.
At the meetings, which were held in a heavily Democratic part of California, the state with the nation's strictest gun regulations, advocates of gun rights clearly outnumbered supporters of stricter regulations.
This means that private and public foundations can comment on regulations, advocate against an executive order, conduct public education campaigns, and participate in litigation, among other things, without reservation or risk.
Further efforts on volume-based regulations are advocated, both in terms of research and policy-making.
Was the reporting so shocking, anyway, as to amount to yet another argument for the more coercive form of press regulation currently advocated by Hacked Off, the group whose figurehead is Hugh Grant?
I don't hear industry "self regulation" advocates mentioning these specifics.
Such guidance is reminiscent of the Bush administration and other anti-regulation advocates.
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