Big Al "Smacks" The Anti-Regs!!!

[Mr. Shaman]

"In opening statements, Rep. Henry Waxman, D-Calif., committee chairman, said the current economic crisis could have been prevented "if regulators had paid more attention and intervened with responsible legislation. The list of regulatory mistakes and misjudgments is long and the cost to taxpayers and the economy is staggering."

Waxman put Greenspan on the spot, asking if he made any mistakes during his tenure as Federal Reserve chairman that may have contibuted to the mortgage crisis.

Greenspan said he made a mistake in presuming that lenders themselves were more capable than regulators of protecting their finances."

Allowing The Marketplace To Regulate Itself makes about as much sense as allowing The Idiot Son near an open bottle-o'-booz...er....bag o' pretzels.

*

 

[Mr. Shaman]

"Summoned to the ornate Lower Manhattan headquarters of the New York Federal Reserve building on Monday, Wall Street's top bankers were given a Feb. 1 deadline to submit proposals for how they plan to improve their pay practices, people with knowledge of the meeting said.

The meeting, convened by New York Fed President William C. Dudley, was brief -- no more than 30 minutes -- and to the point with Fed regulators making it clear that they are serious about enforcing the executive compensation guidelines they proposed late last month.

While the rules have yet to be finalized, Dudley told Goldman Sachs chief executive Lloyd Blankfein, J.P. Morgan Chase chief executive Jamie Dimon, Morgan Stanley chief executive John Mack and others that he wants the banks to begin incorporating the new practices as they set year-end bonuses in the coming months."