“It would be a terrible mistake,” said Stanley Sporkin, a former federal judge and SEC enforcement chief. “Whatever the SEC has done or didn’t do, it is still the premier investor protection agency around.”
SEC Chairman Mary Schapiro’s agency has been mostly absent from negotiations within the administration on the regulatory overhaul, and she has expressed frustration about not being consulted, according to people who have spoken with her. She has pledged to fight any attempt to diminish the SEC, they said.
WOW,SEC chairman doesn't involve in the discussion???? WTF???
May 19 (Bloomberg) -- The Obama administration may call for stripping the Securities and Exchange Commission of some of its duties under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said.
The proposal, still being drafted, is likely to give the Federal Reserve more power to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said.
The Fed had primary responsibility for preventing banks from lending unsecured beyond their excess capital. Instead they willfully and intentionally covered up bank insolvency through the use of "23A" letters and other machinations.
This is not conjecture - the historical record is present for anyone who cares to look. The 23A letters are a matter of fact, not supposition and the fact that several firms given them "in the interest of stability" later failed and resulted in significant losses to the system as a whole, including the FDIC, is also a fact.
That "Prompt Corrective Action" absolutely barred this sort of action is a fact.
That The Federal Reserve Act has been intentionally ignored is a fact.
Now President Obama wishes to give the fox, who just got done eating half the chickens, formal status as guard over the henhouse?
Prepare for The Greater Depressionfolks, because with this sort of outrage and a refusal to address the problem through reform and punishment for the guilty who brought about this disaster it is inevitable.
Changes are coming and don't you love it?
05-20-2009 12:55 PM
Re: You're A Crook Obama
Chicken Little, the sky is falling the sky is falling!!! lol chill out. This two shall pass, just a bunch of Propaganda imo
While the stock market is up sharply since early March, the economy as well as corporate earnings continue to suffer. Today's chart helps provide some perspective as to the magnitude of the current economic decline. Today's chart illustrates that 12-month, as-reported S&P 500 earnings have declined over 90% over the past 20 months (with over 90% of S&P 500 companies having reported for Q1 2009), making this by far the largest decline on record (the data goes back to 1936). In fact, real earnings have dropped to a record low and if current estimates hold, Q3 2009 will see the first 12-month period during which S&P 500 earnings are negative.