Saturday, March 29, 2008

Bush Administration Proposes Sweeping Overhaul of Financial Regulation

I really need to read more before I comment too much but some of these changes are long overdue, such as consolidation of bank and thrift regulation. Investment banks and Broker/Dealers and the manner and speed with which they develop products (derivatives, asset backed securities, etc.) need more srutiny to determine worst case impact on markets. But I am not nearly smart enough to comment at this point.

The only thing I have to say to the bankers and brokers who will cry and then lobby to stop this is ... You would not be facing this if you had maintained the public trust. In other words you brought this on yourselves.,2933,343061,00.html

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