I'm staying off the main financial/political news of the day for a while longer. The non-headline news of the weekend offers an interesting test case of how the wheels of regulatory justice turn.
As background: late last year a powerful politician, age 75 at the time and still an active pilot, got in trouble with aviation authorities. Check here for a summary of his tale and its moral. The politician, a U.S. Senator, had landed on an officially closed runway in Texas, "sky hopped" with his plane over a work crew that was on the runway doing repairs at the time, and provoked the airport manager to say, "I've got over 50 years flying, three tours of Vietnam, and I can assure you I have never seen such a reckless disregard for human life in my life." The Senator, for his part, erupted in rage at airport officials when he got out of his plane, saying, "What this hell is this? I was supposed to have unlimited airspace."
The Federal Aviation Administration considered his case and early this year decided to give him the mildest possible sanction: remedial training, but no "certificate action" that would have restricted his right to fly. The Senator is now sponsoring legislation to spare other pilots "ordeals" like his.