The letter from the SEC which lays the balme

[evince]

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


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.

As I have reported to the Congress multiple times in recent months, the CSE 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 CSE program, and weakened its effectiveness.

 

[evince]

and you guys ignored it

 

[NOVA]

Obama's vice-chairwomen of Federal Reserve.....Janel Yellen

On October 9, 2013, Yellen was officially nominated to replace Bernanke as head of the Federal Reserve.
Yellen began serving as Chair of President Bill Clinton's Council of Economic Advisers in 1997, and publicly endorsed repealing Glass-Steagall's separation between traditional bank lending and riskier securities trading during her Senate confirmation hearing. Yellen referred to deregulating banking as a way to "modernize" the financial system, and indicated that breaking down Glass-Steagall could be the beginning of a process allowing banks to merge with other commercial and industrial firms.

Go figure

 

[NOVA]

http://www.huffingtonpost.com/robert-scheer/go-ahead-back-hillary-cli_b_8272802.html

Go ahead and support Hillary Clinton, those of you for whom having the first female president is the top priority.
Just admit that you will be voting for someone to be president of the world's most powerful nation who has not only been profoundly wrong on the two most pressing issues of our time--economic injustice and the ravages of unbridled militarism--but, what is more significant, seems hopelessly incapable of learning from her dangerous errors in judgment.

Like her husband, she is certainly smart enough to avoid advocating what President Obama has aptly termed "stupid stuff." However, the good intentions of the Clintons are trumped by opportunism every time.

But it is in matters of economic policy--driving this election--where the failure of the Clintons is the most obvious, and where Hillary Clinton seems to be even less conflicted than her husband in serving the super rich at the expense of the middle class.

A continued deep deception in such matters was once again on full display in her major policy statement printed Thursday on Bloomberg. In an article headlined "My Plan to Prevent the Next Crash," Hillary began by blaming it all on nefarious Republicans led by President George W. Bush.

One key piece of that betrayal was the reversal of the New Deal wall between commercial and consumer banking, codified in the Glass-Steagall Act, which Franklin Roosevelt had signed into law. When Bill Clinton betrayed the legacy of FDR by signing the so-called Financial Services Modernization Act of 1999, he handed the pen used in the signing to a beaming Sandy Weill, whose Citigroup had breached that wall and commingled the savings of ordinary folks with the assets of private hustlers--a swindle made legal by Clinton's approval of the legislation.

Instead, Clinton blamed Republicans for the fact that "In the years before the crash, as financial firms piled risk upon risk, regulators in Washington couldn't or wouldn't keep up." How convenient to ignore that Citigroup, the result of a merger made legitimate by her husband, was one of the prime offenders in piling up those risks before taxpayers provided $300 million in relief.
=======================

 

[evince]

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


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.

As I have reported to the Congress multiple times in recent months, the CSE 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 CSE program, and weakened its effectiveness.

this is the siubject

 

[Billy the Great Khan]

9 fucking threads? Desh you'll be lucky if you don't get banned before I finish lunch.