Today started with a segment of Brian Lehrer's talk show with Michael Oxley of Sarbanes-Oxley fame. A long time conservative Congressman (R-OH 4th) and now Vice Chairman of NASDAQ, Oxley pointed out that changes in banking regulations his Financial Services Committee proposed passed the House, but died in the Senate with White House opposition in 2005. Those regulations would probably have prevented a good portion of this situation by increasing transparency and documentation. Can you say "Liar Loan"?).
Listening to NPR and Market Place today I was struck by the wide spectrum of the opposition to the Bank Bailout ("Cash for Trash"). One southern Congressman made this point about the unspecified portions of the bailout: the motives of people in the administration who may be responsible for devising the minutia in the agreement cannot be known. What assurance did the taxpayer have that the people in the administration who were responsible for hammering out the details will not be exploiting them by returning to Wall Street after the next election?
A random mental walk.
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