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WASHINGTON The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Streets largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.
The S.E.C.s oversight responsibilities will largely shift to the Federal Reserve, though the commission will continue to oversee the brokerage units of investment banks.
Also Friday, the S.E.C.s inspector general released a report strongly criticizing the agencys performance in monitoring Bear Stearns before it collapsed in March. Christopher Cox, the commission chairman, said he agreed that the oversight program was fundamentally flawed from the beginning.
The last six months have made it abundantly clear that voluntary regulation does not work, he said in a statement. The program was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate of the program, and weakened its effectiveness, he added.
Mr. Cox and other regulators, including Ben S. Bernanke, the Federal Reserve chairman, and Henry M. Paulson Jr., the Treasury secretary, have acknowledged general regulatory failures over the last year. Mr. Coxs statement on Friday, however, went beyond that by blaming a specific program for the financial crisis and then ending it.
I say again, the Soviet Union thought socialism and central planning were great ideas! Just a shame that their economy collapsed as a result.
i think secretary paulson is a socialist or communist too!!!! should he be burned at the stake for his ''socialism for the wealthiest'' $700 billion dollar bailout plan for the wall street crooks?
No, but he should resign in disgrace.
I say again, the Soviet Union thought socialism and central planning were great ideas! Just a shame that their economy collapsed as a result.
Before the idiotic dittoheads start screaming a Big Lie about how the government created the financial crisis let's get the facts staright:
http://www.nytimes.com/2008/09/27/business/27sec.html?em
WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down
Shut what program down ?
the program that allowed banks etc, to self govern themselves, and back in to the oversite of the SEC who relinquished it...? i think?
i think secretary paulson is a socialist or communist too!!!! should he be burned at the stake for his ''socialism for the wealthiest'' $700 billion dollar bailout plan for the wall street crooks?
No, but he should resign in disgrace.
They are an object lesson indeed. It's why socialism has flourished in other countries, because the failures of the Soviet Union are that object lesson.
Which program was that--did it have a name ?
does it matter if it had a name or not?
is this it?
Chairman Cox Announces End of Consolidated Supervised Entities Program
FOR IMMEDIATE RELEASE
2008-230
Washington, D.C., Sept. 26, 2008 Securities and Exchange Commission Chairman Christopher Cox today announced a decision by the Division of Trading and Markets to end the Consolidated Supervised Entities (CSE) program, created in 2004 as a way for global investment bank conglomerates that lack a supervisor under law to voluntarily submit to regulation.
clicking on a link in original link...
yes--this is the kind of specifics we need. But again i ask-----what is occuring that needs so much oversight and regulation ?
Oversight and regulation are two different animals.
There were plans offered in 2003 and 2006 to increase oversight and force the lenders to keep enough money on hand to cover their loans.
Wanna take any bets on who proposed the expanded oversight and who stopped them?
I have asked every poster that has stated this to PLEASE supply support or a link that shows HOW the democrats stopped this legislation from going forward, when it was the republicans than never even brought it up for a vote on the floor of the senate.....Hagel introduced it on to the floor and it was never brought up by the republican leadership for a vote...Oversight and regulation are two different animals.
There were plans offered in 2003 and 2006 to increase oversight and force the lenders to keep enough money on hand to cover their loans.
Wanna take any bets on who proposed the expanded oversight and who stopped them?
I have asked every poster that has stated this to PLEASE supply support or a link that shows HOW the democrats stopped this legislation from going forward, when it was the republicans than never even brought it up for a vote on the floor of the senate.....Hagel introduced it on to the floor and it was never brought up by the republican leadership for a vote...
there was no democratic filibuster that stopped it so what exactly did the Democrats do that stopped this legislation from moving forward?
Can you answer that?
No one else that printed that statement can answer this so far and i was wondering if you had any info that could support it.... i googled it to heck and high water and could find NOTHING?
Care
it got it's money at a cheaper rate, about 1% less, than other conventional banks....Nope---for now I just wanna know why this bank that America hired made money so easy and plentiful.
