Used to be the NASD until they took over the NYSE regulatory arm — the same regulatory arm that let Bear and Lehman fill their balance sheets with sewage. The same NYSE that we NASD people were told were “light years” ahead of us in financial and operational monitoring and regulatory expertise.
And BTW, the same NASD that used to own and operate the NASDAQ.
If there is one good thing that will come from the shakeup specualted on in the article, it is that perhaps the 70 year long failed experiment in “self-regulation” will come to an end. For the last 15 years, “self-regulation” has amounted to little more than the big firms regulating their smaller competition out of business or otherwise keeping the rif-raf away from the really profitable grifting.
BINGO!! So now, Obama , the One wants to put the FOX in charge of the HENHOUSE!! OMG!! If this woman, MARY SHAPIRO, goes thru, the Republicans are even more asleep than I thought.
It’s the New Deal that failed.
http://cato.org/pubs/handbook/hb109/hb_109-43.pdf
Congress should eliminate the current roles of the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and Congress in setting accounting standards, allowing each stock exchange to set the accounting standards for corporations listed on that exchange.
Wow!! Tell us what you really think. ;-)