drieuxster (drieuxster) wrote,

Radical Left Wing Wall Street Defeatists Stabs Troops In Back!!!

My GOD!!! and after all that the Holy Warriors have done:
Christopher Cox, the chairman of the Securities and Exchange Commission and a longtime proponent of deregulation, acknowledged on Friday that the voluntary supervisory program of Wall Street’s largest investment banks had contributed to the global financial crisis and abruptly shut the program down.

The agency’s oversight responsibilities will largely shift to the Federal Reserve.

The commission’s inspector general, in a report also released on Friday, strongly criticized the agency’s performance in monitoring Bear Stearns before it collapsed in March. Mr. Cox said he agreed that the oversight program was “fundamentally flawed from the beginning.”

“The last six months have made it abundantly clear that voluntary regulation does not work,” Mr. Cox said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily,” he added. “The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness.”
The retreat on investment bank supervision is a heavy blow to a once-proud agency that has seen its influence over Wall Street steadily erode as the financial crisis has exploded over the last year.

Because it is a relatively small agency, the S.E.C. tries to extend its reach over the vast financial services industry by relying heavily on self-regulation by stock exchanges, mutual funds, brokerage firms and publicly traded corporations.
At the time, the commission’s decision followed heavy lobbying for the plan from all five big investment banks. At the time, Goldman Sachs was headed by Henry M. Paulson Jr. He left two years later to become the Treasury secretary and has been the architect of the administration’s bailout plan.

[ cf S.E.C. Chief Says Deregulation Fueled Crisis ( emphasis added )]
Show of hands kiddies.

How many folks think that this sort of Mad Maverick approach should be rewarded, and we should give Christopher Cox the new billet as the Special Director of the New And Improved Homeland Economic Security Czar to oversee the Most Gloriously Victorious Mission Accomplished Regulatory Oversite of the Billions, and Billions, and BILLIONS in Majikal Bail Out Powder that should be sprinkled all over the economy to make Tinker Belle feel all girly girly again????


You think? Clearly Paulson and friends are going to need some tough maverick kinda guys who know the ins and outs of wall street, and where to put that bail out money to work, eh no????

It is what the troops on the Eastern Front have been working for, eh no???

{ oh come on... in light of the fun of the so called dot.bomb era, you would have thunk that folks would have started to ask questions about what 'self regulatory' meant to folks who could not control their water.... Or are we just going to admit that the nation got stoned in the nineties, and have opted out of any form of reality reality, in favor of merely reality TV shows.... }
Tags: economics, election, war

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