I guess this is why Obama chose Mary Jo White for the SEC
A Disappointing Debut
Mary Jo White, the new chairwoman of the Securities and Exchange Commission, has gotten off on the wrong foot. Last week, in her first commission vote, Ms. White led the commissioners in approving a proposal that, if finalized, could leave investors and taxpayers exposed to the ravages of reckless bank trading. Mary Jo White, the new chairwoman of the Securities and Exchange Commission, has gotten off on the wrong foot. Last week, in her first commission vote, Ms. White led the commissioners in approving a proposal that, if finalized, could leave investors and taxpayers exposed to the ravages of reckless bank trading.
At issue is the regulation of the multitrillion-dollar market in derivatives. When speculative derivative bets go right, the results are lavish bank profits and huge banker paydays. When they go wrong, the results are shareholder losses and taxpayer-provided bailouts. Even when derivatives are used in a relatively prudent manner say, to hedge against price swings in food or fuel the largely deregulated and opaque way they are traded allows the big banks that dominate the market to charge more than they could if trading were more transparent, enriching bankers at the expense of businesses and consumers.
The S.E.C. proposal would let the foreign branches of American banks avoid rules being developed under the Dodd-Frank financial reform law and instead follow rules that prevail in the foreign countries where the deals are done. Foreign banks involved in derivative deals with American companies also could adhere to their own countrys rules as long as those rules are deemed broadly comparable to Dodd-Frank rules.
More at:
http://www.nytimes.com/2013/05/06/opinion/a-disappointing-debut-at-the-sec.html?hp
AnotherMcIntosh
(11,064 posts)awoke_in_2003
(34,582 posts)the more things change, the more they stay the same.
graham4anything
(11,464 posts)put down the democratic people on a democratic board.
life is so Rebecca Black like, isn't it?
yet the same crowd tells us to stay out of the world's business, Ron Paul style too.
damned if ya do, damned if ya don't to the Rebecca Black school of politics.
progressoid
(49,992 posts)It's your ability to get the heart of the matter without resorting to inane comparisons that makes us revere your posts.
Or not.
Doctor_J
(36,392 posts)Why doesn't he at least toss us a crumb once a month or so? Declare that SS will not be cut while he's signing bills into law. Appoint an ass-kicking Deputy AG to clean up the banking industry? Announce that the KeystoneXL will not receive his approval? Follow up on his pledge to close Gitmo? Do something about the minimum wage? something, anything, to show that we is dears us as much as he does the Repukes?
When he switches parties, whose side are you going to be on?
graham4anything
(11,464 posts)I love Eric Holder, probably the best AG ever.
all the above are just the same old group regurgitating the same old soundbytes
we all have our wedge issues, but I don't whine myself if life isn't 100% perfect.
Vinnie From Indy
(10,820 posts)the poor, the elderly, the 99% ??
Are these your top four groups and everyone else can go pound sand?
What about puppies and orphans? Where do they rank on your get fucked over scale?
Cheers!
ReRe
(10,597 posts)We are headed for Mad Max World. If they keep this up, then I say we need a Jubilee every 7 years. Because the Safety Net will be gone, and taxes will be sky high for us lowly 99%ers. And you think THIS is a recession? Ha! Where we're at NOW is worse than the Great Depression, all things considered. You do the math. We're going' down folks. Every time we hear reports like this, mark it up to little catalysts that are leading to the fall of the American Empire.
blkmusclmachine
(16,149 posts)n2doc
(47,953 posts)This just confirms it.
Frankly, People have been given zero choice in this matter. Both Repub and dem candidates for 08 and 12 were bankster supporters. The aggravating thing about Obama is how much of a blatant liar he was during his campaigns. But I guess we just have to remember that all politicians are liars.
Doctor_J
(36,392 posts)the president. Their goals seem to be completely at odds with each other.
Can someone please tell me in a paragraph or so what the hell is Obama trying to do to the country???
graham4anything
(11,464 posts)and Elizabeth Warren is 100% a team Obama player.
Who will be beaming the day Hillary is elected President.
Addison
(299 posts)She's doing exactly what she was appointed to do.