Closing the barn door

   President Obama has formally proposed a new regulatory regime for the nation's financial institutions.

   Unveiling his proposal before an East Room audience, Obama blamed the financial crisis on "a culture of irresponsibility" and outdated financial rules that were created in the wake of the Great Depression of the 1930s but had been "overwhelmed by the speed, scope and sophistication of a 21st century global economy."

- The Associated Press has the story, the bullet points and the video.
- The White House press release/blog is here.
- The Treasury Department's full report is here. 
- Reporting and analysis from The Los Angeles Times, The New York Times, The Wall Street Journal,  The Washington Post, The Guardian and Aljezeera. 

-- George Pyle/The Buffalo News     

Comments

[Hank]

As a shareholder, I will echo John Bogle's comments on CNBC this morning. Nowhere in the "new regulatory regime" is there a place at the table for actual shareholders who have their capital at stake.
We are supposed to rely on the "experts." Further, John Bogle stated that it basically bypassed the enormous flaws in the ratings agencies.
So, what is being sold as steak, is really baloney.
Sarbanes-Oxley required every publicly-owned CEO and CFO to sign disclosure documents, which did nothing to prevent the financial collapse from, AIG to Lehman Brothers. In fact, Fed Chief Bernanke repeatedly assured the public they had the situation under control from mid-2007 on.
Sorry, but as a shareholder there will be nothing but personally applied due diligence that will work.

[jd]

I seldom watch MSNBC for even a minute but the other day while surfing I caught Olbermann saying that MSNBC made a formal request to the white house to have a list of those who visit and meet with the prez, The list was refused by the Obama administration. I almost feel off my chair when Olbermann said could it be that the promise of a transparent govt. and the promise of change has CHANGED ? He then said well I guess every honeymoon comes to an end.
Now this was strange to hear from this meat head, could it be he see's the writing on the wall and MSNBC's terribly low ratings and may be looking for a job ? Maybe he's trying to impress the we report you decide station ?

[Don H]

Obama continues to expand government bureaucracies at taxpayer cost. When is he going to get around to cutting federal government inefficiency, waste and payroll?