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Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers

Submitted by Don, Sep 18, 2008 07:19

Assuming the rule change to be true. The next question is what firms and what lobbyist pushed this through? For a rule change to become effective legally the SEC must hold a meeting in which comments are heard in an open forum. I'm just a cop in NYC but I have long felt sympathy for drug addicts and I have no sympathy for these arrogant greedy look-down-at-the-little-guy people. That many seniors, pensioners and taxpayers are footing the bill, demands that some white collar piggie be put in jar for screwing the taxpayer and larceny. That would be justice.

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Other reader comments on this article

Comment	By	Date
Fire Cox. Changing successful rules, helping to increase leverage, stopping the uptick rule refusing to stop naked short selling and... [MORE]	jerry	Sep 22, 2008 16:39
None of this could have happened if the dollar was based on something real and tangible like gold. Is it... [MORE]	Don	Sep 21, 2008 21:50
Bill Donaldson (Wall St's DLJ founder) appointed to SEC by Clinton. Getting rid of the 12 to 1 capital requirement... [MORE]	Davidjjh	Sep 21, 2008 19:06
"The failure to stop stock market manipulation and naked short selling was a disaster." That's the long and the "short"... [MORE]	Gates	Sep 21, 2008 09:23
I'd like to know what oversight committees were involved in this approval for the SEC, including the make-up of each... [MORE]	George H. McElhiney Jr.	Sep 20, 2008 17:19
senator richard shelby of alabama and republicans controlled senate when the sec rules change went through, with their connivance. reporters... [MORE]	el rojo	Sep 20, 2008 10:18
Was not Henry Paulson the head of Goldman Sachs, which will be the only broker-dealer firm to survive? Now, Mr.... [MORE]	John Roe	Sep 19, 2008 14:34
Stop trying to blame the SEC and Bush for everything. The simple fact is that Bear Stearns and Lehman Brothers... [MORE]	rex	Sep 19, 2008 08:26
The rule change was about short selling It was done 18 months ago and now we have this. At worst... [MORE]	John Doe	Sep 18, 2008 15:06
Wasn't this disastrous 2004 change initiated by Bill Donaldson a former SEC Chair and Obama supporter? [MORE]	Von123	Sep 18, 2008 12:11
In 2004, the European Union passed a rule allowing the "SEC's European counterpart to manage the risk both of broker... [MORE]	Don Mynack	Sep 18, 2008 10:45
No - the firms bear their own responsibility. Whether or not the rule change was appropriate, the distressed firms were... [MORE]	Matt Lechner	Sep 18, 2008 10:15
A question: What role has the cost of the war in Iraq had on any of these failures? Is there... [MORE]	John Doe	Sep 18, 2008 08:33
Assuming the rule change to be true. The next question is what firms and what lobbyist pushed this through? For...	Don	Sep 18, 2008 07:19
Reckless leverage and too little capital are at fault. And now we find out that irresponsible and excessive deregulation was... [MORE]	Barry Ritholtz	Sep 18, 2008 05:32

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Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers