Leonthecat
Racism Watchdog
Pastor hates democracy.
the USA is a democracy
- Thread starter evince
- Start date
Pastor hates democracy.
Leon hate integrity. He proves it every day on here.
Robo
Verified User
Pussy Leon would hate democracy if the rightwing had the power and used it for their mob rule, huh Pussy?
Minister of Truth
Practically Perfect
No, I do.
Leonthecat
Racism Watchdog
Why?
It is because you are robbing the world, child, and even some ordinary people can gain from it if they live in gang-headquarters.
Robo
Verified User
Robing the world of what, idiot? A better living condition?
Robo
Verified User
That's why the Democrat Party has all of those "SUPER" delegates to override the Sander's, (the commie}, "PEOPLE'S" vote and shove Hillary the "FELON" up your stupid, clueless, drunken, Democrat ass, huh imbecile?
Robo
Verified User
I've posted the Fannie Mae and Freddie Mac congressional hearings on youtube for you to read and weep several times. You choose to ignore that Pelosi and Barney Franks were the road block to regulating those unholy government/corporate banking rackets, while the Republicans, including Bush warned and warned about the serious toxic loans that were being bought from the BIG banks on the taxpayer's dime, imbecile.
Hillary Clinton is the Wall Street BIG banker's best friend, stupid. Why won't she release the transcripts from her quarter million dollar speaking events she bribed from the racketeering bastards, moron?
evince
Truthmatters
Business Day
S.E.C. Concedes Oversight Flaws Fueled Collapse
By STEPHEN LABATONSEPT. 26, 2008
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WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.
The S.E.C.’s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.
Also Friday, the S.E.C.’s inspector general released a report strongly criticizing the agency’s performance in monitoring Bear Stearns before it collapsed in March. Christopher Cox, the commission chairman, 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,” he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. 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,” he added.
Mr. Cox and other regulators, including Ben S. Bernanke, the Federal Reserve chairman, and Henry M. Paulson Jr., the Treasury secretary, have acknowledged general regulatory failures over the last year. Mr. Cox’s statement on Friday, however, went beyond that by blaming a specific program for the financial crisis — and then ending it.
On one level, the commission’s decision to end the regulatory program was somewhat academic, because the five biggest independent Wall Street firms have all disappeared.
The Fed and Treasury Department forced Bear Stearns into a merger with JPMorgan Chase in March. And in the last month, Lehman Brothers went into bankruptcy, Merrill Lynch was acquired by Bank of America, and Morgan Stanley and Goldman Sachs changed their corporate structures to become bank holding companies, which the Federal Reserve regulates.
But the retreat on investment bank supervision is a heavy blow to a once-proud agency whose influence over Wall Street has steadily eroded 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.
The program Mr. Cox abolished was unanimously approved in 2004 by the commission under his predecessor, William H. Donaldson. Known by the clumsy title of “consolidated supervised entities,” the program allowed the S.E.C. to monitor the parent companies of major Wall Street firms, even though technically the agency had authority over only the firms’ brokerage firm components.
The commission created the program after heavy lobbying for the plan from all five big investment banks. At the time, Mr. Paulson was the head of Goldman Sachs. He left two years later to become the Treasury secretary and has been the architect of the administration’s bailout plan.
S.E.C. Concedes Oversight Flaws Fueled Collapse
By STEPHEN LABATONSEPT. 26, 2008
Continue reading the main story Share This Page
Share
Tweet
More
Save
WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.
The S.E.C.’s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.
Also Friday, the S.E.C.’s inspector general released a report strongly criticizing the agency’s performance in monitoring Bear Stearns before it collapsed in March. Christopher Cox, the commission chairman, 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,” he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. 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,” he added.
Mr. Cox and other regulators, including Ben S. Bernanke, the Federal Reserve chairman, and Henry M. Paulson Jr., the Treasury secretary, have acknowledged general regulatory failures over the last year. Mr. Cox’s statement on Friday, however, went beyond that by blaming a specific program for the financial crisis — and then ending it.
On one level, the commission’s decision to end the regulatory program was somewhat academic, because the five biggest independent Wall Street firms have all disappeared.
The Fed and Treasury Department forced Bear Stearns into a merger with JPMorgan Chase in March. And in the last month, Lehman Brothers went into bankruptcy, Merrill Lynch was acquired by Bank of America, and Morgan Stanley and Goldman Sachs changed their corporate structures to become bank holding companies, which the Federal Reserve regulates.
But the retreat on investment bank supervision is a heavy blow to a once-proud agency whose influence over Wall Street has steadily eroded 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.
The program Mr. Cox abolished was unanimously approved in 2004 by the commission under his predecessor, William H. Donaldson. Known by the clumsy title of “consolidated supervised entities,” the program allowed the S.E.C. to monitor the parent companies of major Wall Street firms, even though technically the agency had authority over only the firms’ brokerage firm components.
The commission created the program after heavy lobbying for the plan from all five big investment banks. At the time, Mr. Paulson was the head of Goldman Sachs. He left two years later to become the Treasury secretary and has been the architect of the administration’s bailout plan.
PostmodernProphet
fully immersed in faith..
Buckle can't read dictionaries......
PostmodernProphet
fully immersed in faith..
you-tube is a fucking repeating partsan lie......you-tube should not re re-elected.....
Robo
Verified User
I don't do "PARTIES," imbecile. I call em as I see em! Your Democrats are as rotten and corrupt as the Republicans and you're just too much of a brain-dead imbecile to know it, moron!
Robo
Verified User
evince
Truthmatters
you carry their water all day long on the internets you fucking idiot
Robo
Verified User
Who's water asshole?