Greenspan "shocked" the market didnt self regulate

http://www.sec.gov/news/press/2008/2008-230.htm



Chairman Cox Announces End of Consolidated Supervised Entities Program
FOR IMMEDIATE RELEASE
2008-230
Washington, D.C., Sept. 26, 2008 — Securities and Exchange Commission Chairman Christopher Cox today announced a decision by the Division of Trading and Markets to end the Consolidated Supervised Entities (CSE) program, created in 2004 as a way for global investment bank conglomerates that lack a supervisor under law to voluntarily submit to regulation. Chairman Cox also described the agency's plans for enhancing SEC oversight of the broker-dealer subsidiaries of bank holding companies regulated by the Federal Reserve, based on the recent Memorandum of Understanding (MOU) between the SEC and the Fed.

Chairman Cox made the following statement:

The last six months have made it abundantly clear that voluntary regulation does not work. When Congress passed the Gramm-Leach-Bliley Act, it created a significant regulatory gap by failing to give to the SEC or any agency the authority to regulate large investment bank holding companies, like Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns.

Because of the lack of explicit statutory authority for the Commission to require these investment bank holding companies to report their capital, maintain liquidity, or submit to leverage requirements, the Commission in 2004 created a voluntary program, the Consolidated Supervised Entities program, in an effort to fill this regulatory gap.
 
[ame]http://en.wikipedia.org/wiki/Christopher_Cox[/ame]

This guy is a long time republican.

People are starting to face the facts about this little dream that the market is magic and will correct itself to protect the consumer.
 
I have been thinking about and I have concluded that it’s a good thing that the deregulation of the markets failed. Because if it had succeeded, next thing you could have known is, they would have tried to deregulate men.

I have gotten really into “madmen” the tv series? And I bought the first season on dvd because I missed the whole season. I love the show. And what’s most fascinating about it is that we see how men behaved before society got smart and regulated them. Now you hear all the time men mocking sexual harassment policies at work, and mocking sexual harassment laws. And they are just itching to get themselves deregulated again, you can tell.

Thank god we have the markets to point to as an example.
 
Darla said:
I have been thinking about and I have concluded that it’s a good thing that the deregulation of the markets failed. Because if it had succeeded, next thing you could have known is, they would have tried to deregulate men.

I have gotten really into “madmen” the tv series? And I bought the first season on dvd because I missed the whole season. I love the show. And what’s most fascinating about it is that we see how men behaved before society got smart and regulated them. Now you hear all the time men mocking sexual harassment policies at work, and mocking sexual harassment laws. And they are just itching to get themselves deregulated again, you can tell.

Thank god we have the markets to point to as an example.
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MadMen is f'ing awesome! Just finished the first season this week. It's people like Darla who screwed the world up. Back in the day you could drink on the job and harass women. It was the natural order of things. A women wants to leave the kitchen and all hell breaks out in the world.
 
cawacko said:
MadMen is f'ing awesome! Just finished the first season this week. It's people like Darla who screwed the world up. Back in the day you could drink on the job and harass women. It was the natural order of things. A women wants to leave the kitchen and all hell breaks out in the world.
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Be careful, I’m writing something about this – I might quote you.
 
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