Brave New Fed - Jonathan Macey


	Brave New Fed - Jonathan Macey

willhelm

3-31-2008 1:41 PM

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willhelm says:

Macey: "The result will further weaken the U.S. banking industry and lead to a wave of mergers among investment banks seeking to become "too big to fail."

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9d75495b-f3c8-4ef4-9e44-f21eeef0586f/44EDAEF4-4BFF-4288-ACFA-7FD368F8509A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries" href="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries" style="font-size: 11px;">online.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries">Regulation follows crisis as surely as mushrooms follow the rain. The collapse of Enron led to passage of Sarbanes-Oxley and to sweeping new powers for the Securities and Exchange Commission. Likewise, it now appears that the collapse of Bear Stearns will lead to broad new powers for the Federal Reserve.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries">The FDICIA was passed specifically to establish procedures to be used by regulators when dealing with failed financial institutions. But FDICIA applies only to federally insured depository institutions, like banks and savings and loan associations. When the statute was passed nobody in their wildest dreams thought that government bailouts would extend beyond federally insured deposit institutions to include investment banks</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries">The bailout of Bear Stearns creates an unfair competitive environment in U.S. financial markets</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB120692412871875675.html?mod=opinion_main_commentaries"> investment banks are getting for free a better government bailout than commercial banks</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/44EDAEF4-4BFF-4288-ACFA-7FD368F8509A/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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