economic growth picked up 2.5% last quarter

[Truthmatters]

Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007




An important provision of the Gramm-Leach-Bliley Act amended the definition of "broker" in the Securities Exchange Act of 1934 so that banks would no longer be completely excluded from the broker-dealer registration requirements. At the same time, the new law created specific exceptions from those requirements. Proposed Regulation R would give effect to these bank broker exceptions, in a way that accommodates the traditional business practices of banks, and at the same time furthers our goal of better protecting investors.

One of the major promises of the Gramm-Leach-Bliley Act is to stimulate greater competition in the financial services industry, and give investors a wider array of services at lower prices. Much of that has occurred, but not as much as was expected, in part due to ambiguity in the governing legal rules. Today's action is especially important to help bring the legislative promise of the Gramm-Leach-Bliley Act to fulfillment.

The rule-writing process that culminated today in the Commission's vote of final approval has been an arduous one. After a series of interim proposals and regulatory actions that proved mostly fruitless between 1999 and 2005, the SEC made a fresh start 18 months ago. Chairman Cox convened a series of meetings that included the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, and together the agencies hammered out the final rules that the Commission approved today.

The Gramm-Leach-Bliley Act was signed into law by President Bill Clinton on Nov. 12, 1999. The Act provided an 18-month deadline for the adoption of implementing rules, but from 1999 until 2005, the rule-writing effort stalled repeatedly. On Oct. 13, 2006, President Bush signed into law the Regulatory Relief Act, which added the requirement that the Commission and the Board issue the proposed rules jointly, and seek the concurrence of the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation.

 

[AmazonTania]

yes the repeal of glass steagal was part but also the refusal of the Busbh SEC to impliment the broker rules in GLBact was a real kicker

A bit clueless, aren't we. Many parts of Glass Steagall is still in effect. This is including the institution which was created under the Glass-Steagall act of 1933, the FDIC (which were insuring the bad loans made by many of the reckless banks). Only two provisions of the act were repealed, the rest of it remains in tact to this day.

Commercial and Investment banks being able to merge also has nothing to do with the crisis. Virtually most (if not all) of the banks which went under (or got into some real trouble) were pure investment banks which never set foot on the commercial side of banking. The pure commercial banks, they got in trouble the old fashion way: making bad loans to people who couldn't afford them.

 

[Truthmatters]

there were no rules on brokers in banks for 8 + years under Bush.

if there was give us proof of them in some veriviable way.

 

[Truthmatters]

Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007



Timing and Temporary Exemption
As adopted, Regulation R provides banks with a transitional exemption until the first day of their first fiscal year commencing after Sept. 30, 2008. This will give banks time to make any necessary changes in their systems and compliance programs and should ensure that banks have time to come into compliance with the Exchange Act provisions relating to the broker definition. This exemptive rule will become effective on the date that the Commission's current order expires, Sept. 28, 2007.

 

[bigrebnc1775]

WOW and you claim to be a broker?


how long you been a broker dude?

Being a Stock Broker doesn't keep me immune from poorly phrased questions.

I warned you about that one, she'll post poorly phrased questions that you can't figure out what she's trying to say, you'll ask for clarification and her come back is to claim victory.

 

[EdwardBaiamonte]

there were no rules on brokers in banks for 8 + years under Bush.

if there was give us proof of them in some veriviable way.

too stupid!! Bush did not create or manage any of the liberal agencies or organizations that were designed to get people into homes the Republican free market said they could not afford.

Can anyone say with a straight face that the Fanny Freddie SEC FDIC Fed FHA CRA did not cause crisis when they were all trying to get more and more people into homes????


Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . .

Pelican Parts:
Mr. Mozilo and Fannie essentially were business partners in the subprime business. Countrywide found the customers, while Fannie provided the taxpayer-backed capital. And the rest of the industry followed.


Bloomberg 12/21/11 on SEC action:

The truth is that Fannie and Freddie engaged in far greater financial-reporting abuses, which couldn’t have happened without the government’s knowledge and cooperation.
Fannie and Freddie continued to maintain they were adequately capitalized, as did their regulator, until they were placed into conservatorship in September 2008. This farce wouldn’t have been sustainable had the two companies been forthright about their earnings and asset values.

:
WSJ/12/21/11 on SEC action against Fanny Freddie

Fanny degraded its underwriting standards to increase its market share in the sub prime loans... Fanny led private lenders into the sub prime market loans... by the mid 2000's other mortgages lenders developed other similar reduced documentation loans.....Fanny hid the risk of sub prime loans to investors... Fannie said its Alt. A exposure was 11% of its portfolio, when it was closer to 23% - a 341 billion difference...Dallavecchia told investors that Fanny's sub prime exposure was
"immaterial".... we see part of our mission to make mortgages available to people who don't have perfect credit...the Freddie record was similarly incriminating...private lenders could never have done as much harm if Fan and Fred weren't providing tens of billions in tax payer subsidized liquidity to lend on easy terms to borrowers who couldn't[t pay it back...Congress created the 2 mortgage giants as well as their affordable housing mandates.

 

[Truthmatters]

there were no rules on brokers in banks for 8 + years under Bush.

if there was give us proof of them in some veriviable way.

too stupid!! Bush did not create or manage any of the liberal agencies or organizations that were designed to get people into homes the Republican free market said they could not afford.

Can anyone say with a straight face that the Fanny Freddie SEC FDIC Fed FHA CRA did not cause crisis when they were all trying to get more and more people into homes????

how many sub prime loans with the Fs write?

 

[AmazonTania]

there were no rules on brokers in banks for 8 + years under Bush.

if there was give us proof of them in some veriviable way.

If by no rules, you mean one piece of legislation (one rule) was repealed, then you're right. However, all the Gramm–Leach–Bliley Act did was allow Commerical and Investment banks to merge. Having more comprehension problems, I see...

http://www.law.georgetown.edu/library/research/guides/securities.cfm

 

[AmazonTania]

I warned you about that one, she'll post poorly phrased questions that you can't figure out what she's trying to say, you'll ask for clarification and her come back is to claim victory.

It shouldn't take so much to ask for dialogue which makes some sort of sense. I do it all the time. It's called, 'proper grammar.'

 

[Truthmatters]

and as merged entities what were the broker rules for these new banking and securities mixes?


lets not forget there were no exsisting broker rules for banks because they were banned from this activity.


Now why did the BUSH SEC make sure it stayed that way for nearly a decade?

 

[Truthmatters]

Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007



Timing and Temporary Exemption
As adopted, Regulation R provides banks with a transitional exemption until the first day of their first fiscal year commencing after Sept. 30, 2008. This will give banks time to make any necessary changes in their systems and compliance programs and should ensure that banks have time to come into compliance with the Exchange Act provisions relating to the broker definition. This exemptive rule will become effective on the date that the Commission's current order expires, Sept. 28, 2007.

that means they are exempt from the rules huh

 

[Truthmatters]

They went from having no broker rules in place to being excempt from the rules right up until about 4 or 5 days before Bush had to go on TV and annouce we were in deep do do huh?

 

[AmazonTania]

and as merged entities what were the broker rules for these new banking and securities mixes?


lets not forget there were no exsisting broker rules for banks because they were banned from this activity.


Now why did the BUSH SEC make sure it stayed that way for nearly a decade?

There was new regulation being created almost every week. You're going to have to be more specific.

 

[Truthmatters]

[ame=http://www.youtube.com/watch?v=T6bmEv2-rFA]President Bush's speech on the financial crisis 9/24/08 (1) - YouTube[/ame]



President Bush's speech on the financial crisis 9/24/08

 

[AmazonTania]

that means they are exempt from the rules huh

I'm not even sure you understand what you are suppose to be highlighting.

 

[Truthmatters]

Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007



Timing and Temporary Exemption
As adopted, Regulation R provides banks with a transitional exemption until the first day of their first fiscal year commencing after Sept. 30, 2008. This will give banks time to make any necessary changes in their systems and compliance programs and should ensure that banks have time to come into compliance with the Exchange Act provisions relating to the broker definition. This exemptive rule will become effective on the date that the Commission's current order expires, Sept. 28, 2007.

wow look at the dates

 

[Truthmatters]

now realize you have offered nothing in the line of linked facts AT

 

[Uncensored2008]

I'm not even sure you understand what you are suppose to be highlighting.

TM spends her days eating extra-leaded paint chips, and guzzling cheap vodka - while watching MSNBC.

It's really all you need know about her.

 

[Truthmatters]

and as merged entities what were the broker rules for these new banking and securities mixes?


lets not forget there were no exsisting broker rules for banks because they were banned from this activity.


Now why did the BUSH SEC make sure it stayed that way for nearly a decade?

There was new regulation being created almost every week. You're going to have to be more specific.

then you should be able to provide at least some of these rules and their dates and who wrote them huh?

 

[AmazonTania]

They went from having no broker rules in place to being excempt from the rules right up until about 4 or 5 days before Bush had to go on TV and annouce we were in deep do do huh?

So it wasn't the years of having low interest rates, the years of the low teaser rate and 30 year fixed, along with the reckless borrowing by many across the board which lead to the financial crisis. It was a small temporary transitioning exemption for merging banks which lead to it all...

That's an interesting theory there.