voluntary regulation
Sounds like a joke: Securities and Exchange Commission kills its regulation program for investment banks
Chairman Christopher Cox put his foot down and said, by God, he's ending the program because it hasn't seemed to work. Er, maybe that's because it was voluntary. Seriously. When the European Union threatened in 2002 to regulate U.S. investment banks doing business there (but said they'd hold off if the U.S. regulated them), the gov't's regulatory cowboys came up with this voluntary regulation of disclosure and forbearance, but the companies could drop out any time they wanted. Now, if you haven't been keeping up with the financial news: The five largest investment banks are all dead. New York Times
Chairman Christopher Cox put his foot down and said, by God, he's ending the program because it hasn't seemed to work. Er, maybe that's because it was voluntary. Seriously. When the European Union threatened in 2002 to regulate U.S. investment banks doing business there (but said they'd hold off if the U.S. regulated them), the gov't's regulatory cowboys came up with this voluntary regulation of disclosure and forbearance, but the companies could drop out any time they wanted. Now, if you haven't been keeping up with the financial news: The five largest investment banks are all dead. New York Times
Comments
You're familiar with closing the barn door? How about burning down the barn because the horses refuse to wander in and take up residence on their own! Leave it to the Republicans. Hoover didn't want to set up government regulations either. These people can't get over the fact that the market will not regulate itself. They refuse to imagine that Adam Smith's invisible hand isn't the hand of God.
Posted by stpatme on 09/27/08 at 11:38 AM
Let these clowns stew in their own juices and quit protecting the losers and it would regulate itself! Caveat emptor!
Posted by Expat47 in Athens, Greece on 09/27/08 at 01:01 PM
Commenting is not available in this channel entry.
Category: