We're headed for a whole new round of 'regulatory arbitrage'

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	We're headed for a whole new round of 'regulatory arbitrage'

cduck19802002

5-18-2009 9:50 AM

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tags:

global economic meltdown

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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/ad69e0cb-6e8d-4102-b2b0-28ba8eae34a5/EAD65035-BDD5-40CC-91C4-475DA0399535/" 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://www.newsweek.com/id/197825?from=rss" href="http://www.newsweek.com/id/197825?from=rss" style="font-size: 11px;">www.newsweek.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.newsweek.com/id/197825?from=rss">A crisis this fundamental calls for a complete rethinking of how Wall Street and other financial centers are regulated. </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://www.newsweek.com/id/197825?from=rss">Because AIG bought a small savings and loan at one point, the giant parent company managed to place itself under the supervision of the tiny Office of Thrift Supervision-the financial equivalent of a gnat watching over an elephant. The result was that AIG's London finance unit went virtually unmonitored and wreaked disaster by selling credit default swaps worldwide. Countrywide Mortgage, one of the biggest peddlers of bad loans, used a similar strategy by also designating itself a thrift.</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://www.newsweek.com/id/197825?from=rss">From 1932 to 1934 the Senate banking and currency committee held exhaustive hearings on the 1929 crash and found that commercial banks had misrepresented to their depositors</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/EAD65035-BDD5-40CC-91C4-475DA0399535/blog/" title="blog or email this clip"><img src="http://content7.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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