"financial regulation"

Former SEC Chief Finds Consulting Firm Through Revolving Door →

Mary Schapiro, the former head of the Securities and Exchange Commission (SEC), is joining Promontory Financial Group LLC, a major private consulting firm stocked with former regulators, but she thinks she isn’t part of the revolving door.

Find out why.

Yet again, no one is going to jail for their role in the financial crisis →

The collapse of one mutual fund was central to the 2008 financial crisis, but the father-son team that led the mutual fund escaped punishment Monday when the Securities and Exchange Commission lost their case against them. Read the full story at The New York Times.

“Those who support preserving the status quo where Wall Street regulates itself will find much to like in this legislation,”

Amit Narang, a regulatory policy advocate at Public Citizen, about a proposed bill that “would allow the White House to second-guess major rules and mandate that agencies carefully study the economic effects of new regulation. The change could, in effect, delay a number of rules for the financial industry.” Read more at The New York Times.

No Criminal Case Is Likely in Loss at MF Global →

“Many of the costs and benefits of financial regulation simply cannot be quantified. How do you quantify the human costs that all the economic wreckage has inflicted? Searching and not being able to find work for years…lost retirements, educations and dreams. How do you quantify that? You don’t.”

Dennis Kelleher, head of advocacy group Better Markets, in a speech on Monday at the Peterson Institute for International Economics. Wall Street is demanding precise cost benefit analyses for rules in the Dodd-Frank financial reform act, but many of the benefits to preventing another financial meltdown are difficult to quantify. Read more at The Washington Post.

Do you think a part of Wall Street should be able to regulate itself? In case you have any doubts about how bad of an idea this is, POGO’s Michael Smallberg will explain what is wrong with self regulatory organizations.

Get involved and tell Congress not to let Wall Street police itself.