In college, they teach a phenomenon called “regulatory capture,” where government regulators absorb the values and become buddy-buddy with the industries they regulate. It gets some of the blame for the great financial collapse more than five years ago.

But a prominent Wall Street lawyer H. Rodgin Cohen told a banking law conference in Phoenix the other other day that he doesn’t see capture—He sees the opposite, which he thinks is a problem.

Click the media player above to hear H. Rodgin Cohen in conversation with Marketplace Morning Report host David Brancaccio.