The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
The regulator "did not sufficiently assess the susceptibility of highly illiquid, complex instruments," to ratings downgrades, Scott Polakoff told the banking committee in prepared testimony today. "In hindsight, OTS should have directed the company to stop originating credit-default swap products before December 2005."
Are you seriously going to argue in a sober voice that the Commodities Futures Modernization Act did not matter to AIG's failure?
Would you also have argued that if it had passed in 2001 instead of 2000?
Friends come and go. Enemies accumulate.
Keep on dreaming.
Are you claiming the OTS would have had better luck under a Gore presidency than the CFTC had under the Clinton presidency? If so, on what grounds?
Even Clinton says derivatives dereg was a mistake.
Even Rubin admits he was wrong although in his typically self-serving way
While some people saw one or more of these factors, virtually no one involved in the financial system--whether institutions, investors, regulators, analysts, or commentators--recognized the breadth of forces at work or the possibility of a megacrisis, and this included the most experienced among us. More personally, I regret that I, too, didn't see the potential for such extreme conditions despite my many years involved in financial matters and my concern for market excesses.
by Migeru - Aug 24 12 comments
by Melanchthon - Aug 23 19 comments
by Frank Schnittger - Aug 18 62 comments
by Frank Schnittger - Aug 6 117 comments
by gmoke - Jul 29 8 comments
by ARGeezer - Aug 5 4 comments
by Frank Schnittger - Aug 3 19 comments
by ARGeezer - Jul 29 17 comments
by Migeru - Aug 2412 comments
by Melanchthon - Aug 2319 comments
by Frank Schnittger - Aug 1862 comments
by Frank Schnittger - Aug 6117 comments
by gmoke - Aug 5
by ARGeezer - Aug 54 comments
by Frank Schnittger - Aug 319 comments
by Democrats Ramshield - Jul 303 comments
by gmoke - Jul 298 comments
by ARGeezer - Jul 2917 comments
by Frank Schnittger - Jul 2869 comments
by gmoke - Jul 282 comments