very interesting SEC news realse

evince

evince

Truthmatters
http://www.sec.gov/news/press/2007/2007-190.htm


FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue a second release concerning certain bank dealer activities and other related matters.

"A customer should be able to walk into a financial institution and get any financial product he or she needs — securities, insurance, banking or trust services," said SEC Chairman Christopher Cox. "But Congress recognized those benefits couldn't be achieved without new ways to safeguard investors that would be consistent with continued innovation. Today's historic action, coming eight years after the passage of the law, is long overdue but welcome news for investors who will now begin to see the benefits of broader services and lower costs that the law intended."
 
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The banks had basically no rules for the eight years it took to get this part done.

Whos fault is that?
 
I would really like to know the background on the attempts to negociate.

If anyone has links please put them here?
 
Epicurus said:
Dammit foiled again hoping for news about the Southeastern Conference.
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Bama had the #2 recruiting class this year and we are gonna have one of the best D lines in the NCAA next year.

Thats the real SEC news.
 
Ironic...

Whats interesting is that President William Clinton signed these bills into law....1999

and even more interesting is the fact that so many of VIP's from his administration are now BACK IN POWER in DC....
 
evince said:
http://www.sec.gov/news/press/2007/2007-190.htm


FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue a second release concerning certain bank dealer activities and other related matters.

"A customer should be able to walk into a financial institution and get any financial product he or she needs — securities, insurance, banking or trust services," said SEC Chairman Christopher Cox. "But Congress recognized those benefits couldn't be achieved without new ways to safeguard investors that would be consistent with continued innovation. Today's historic action, coming eight years after the passage of the law, is long overdue but welcome news for investors who will now begin to see the benefits of broader services and lower costs that the law intended."
Click to expand...

Oh hell Desh. I thought you were talking about Football. Like maybe the SEC was going to require it's players to take actual courses! LOL
 
Years without any real regulations, the Bush lead R party did not seem to be interested in placing any real regulations of the market and what happened?

The economy tanked.

The original GLB act was supposed to have some teeth in it.

They were never put in place.

It occurs to me the teeth that were supposed to be in it were left on the glass on the night stand because they wanted an unfettered market and not the one that was negociated to get the dems to go along in the end.

The bill Clinton signed was never implemented.


This type of bill was pushed by Gramm for a very long time, they never could get it past the house and senate. They then put some teeth in it and got it through the government and even signed. Then when it came down to it they only implemented the parts where regulations were stripped and argued about the parts that gave it any teeth.

How Rovian.
 
evince said:
The banks had basically no rules for the eight years it took to get this part done.

Whos fault is that?
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If it was indeed 8 years, the Ds had control of the Senate.

Only 4 years of Bush's 8 did the Rs have control. If you plan on only blaming this on Rs you may want to fix your timeline.
 
evince said:
Years without any real regulations, the Bush lead R party did not seem to be interested in placing any real regulations of the market and what happened?

The economy tanked.

The original GLB act was supposed to have some teeth in it.

They were never put in place.

It occurs to me the teeth that were supposed to be in it were left on the glass on the night stand because they wanted an unfettered market and not the one that was negociated to get the dems to go along in the end.

The bill Clinton signed was never implemented.


This type of bill was pushed by Gramm for a very long time, they never could get it past the house and senate. They then put some teeth in it and got it through the government and even signed. Then when it came down to it they only implemented the parts where regulations were stripped and argued about the parts that gave it any teeth.

How Rovian.
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I'll give you this Desh once you have a thought in your mind you will go to any end to come up with a story around it.

Kind of funny you have never addressed Sarbnes-Oxley. How come? Rhetorical question because you like to say the R's didn't regulate and here the R's passed huge new regulations on industry.

Once more for you because you love "facts" the GRB act was signed by a Democratic President, supported by 85% of the Democrats in the Senate and 75% of the Democrats in the House yet they are somehow victims and you can bring Karl Rove into this? Fuck real estate Desh there is a job waiting for to write in Hollywood.
 
Sarbanes Oxley was not just a republican bill now was it?

The public was crying out for an end to the Eron debacle and Ken Lay was a Bush personal friend , he had to look like he cared huh?
 
evince said:
Sarbanes Oxley was not just a republican bill now was it?

The public was crying out for an end to the Eron debacle and Ken Lay was a Bush personal friend , he had to look like he cared huh?
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Republican led Congress and a Republican President put massive new regulations on the marketplace. Those are the facts Desh.
 
Hes a democrat and he worked on this long before the Rs were interested.
Much like Gramm worked on GLB act 1999.
 
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