Posted on 12/23/2008 9:52:17 PM PST by Lorianne
On the heals of the mortgage and investment banking collapse, the latest $50 billion fraud allegedly perpetrated by Wall Street mogul Bernard Madoff adds to the growing concern about whether incoming President Barack Obama will support effective regulation of the financial industry.
Look at the nominees to see why I'm concerned.
Obama last week tapped Mary Schapiro to lead the U.S. Securities and Exchange Commission. A former SEC commissioner, she now heads the Financial Industry Regulatory Authority, which oversees all U.S. brokerages selling securities. Because her agency should have caught Madoff, charges that she was asleep at the wheel raises doubts about her suitability to run the whole SEC.
Similar questions have been raised about Obama's pick last week of former U.S. Treasury undersecretary Gary Gensler to lead the Commodity Futures Trading Commission. Instability in the commodities markets now cause observers to wonder if agriculture or mining will be the next major business sectors seeking a bailout at the public trough.
An ex-partner at the failed Goldman Sachs Group and a leading financial advisor to Hillary Clinton's presidential campaign, Gensler has not yet shown to critics that he has the cajones to aggressively curb the wild commodities speculation that further threatens to undermine the U.S. economy.
As other examples, Obama named New York Federal Reserve chief Timothy Geithner as his Treasury Secretary along with naming former Treasury Secretary Lawrence Summers as his chief economic advisor. Neither of these Washington insiders has ever strayed far from the deregulation mantra.
(Excerpt) Read more at examiner.com ...
Remember the Pink Panther series? Only in those flicks, Peter Sellers actually catches the bad guys! Here, Shapiro was on the Commission when Berrnie was screwing the world!
Hope and Change...
Asleep at the wheel
or
on the take?
Democrats are corrupt. Always have been, always will be. They have to promise free things to everyone to bribe them to vote in their favor.
With a few exceptions (e.g., Hubert Humphrey), they are dishonest crooks who will rob taxplayers blind.
Obama is a major fraud and crook. Get use to it.
Follow the money.
Only the MSM isn’t.
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