Lewis and Einhorn also do a good job describing just how broken are all the various checks against Wall Street excesses such as the SEC, and the rating agencies. The very agencies which are suppose to protect the investor instead have been effectively perverted to advance the interests of the financial firms and their senior employees against those of the investors. Driving much of this the direct career paths from regulating entities to the financial firms, and the hugely corrupting level of salaries and particularly bonuses at the financial firms.
The authors make a good case that a handful of common sense changes could go a long way to clean up the current mess and avoid the future calamities. Unfortunately I do not see these changes being discussed widely outside of the occasional opinion piece such as this one.
Lewis and Einhorn also do a good job describing just how broken are all the various checks against Wall Street excesses such as the SEC, and the rating agencies. The very agencies which are suppose to protect the investor instead have been effectively perverted to advance the interests of the financial firms and their senior employees against those of the investors. Driving much of this the direct career paths from regulating entities to the financial firms, and the hugely corrupting level of salaries and particularly bonuses at the financial firms.Lewis and Einhorn also do a good job describing just how broken are all the various checks against Wall Street excesses such as the SEC, and the rating agencies. Many Freepers want zero regulation everywhere. So laughable and childish. But the Bush administration sure behaved this way. 100% hands off the markets
It's like telling thieves that robbery is now legal
What we need is intelligent and honest regulation of Wall St financiers
They will run wild without it and the credit default swap mess is proof