Don't Trust Washington on Wall Street Financial Reform

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I just wonder when some of the people in the states where Dodd and Frank's power comes from are going to wake up and hold their feet to the fire. Goldman and Sachs and probably 3/4's in both houses of congress should be put on trial for the destruction of the value of the dollar and the incredible debt. For a bunch of servants they sure try to act like bad CEOs. To top that off, they think that politics is a career move instead of servanthood.

Jeff of WI 2:24PM May 02, 2010

The issue of oversight and regulation always comes down to a matter of trust that the people who have been given regulatory powers act in good faith. Good faith seems to be in short supply. In fact most appointed bureaucrats do exactly what their masters dictate to them. Bureaucrats like good soldiers follow orders. Never mind they might take license to enrich themselves along the way. Back to the original question, who can you trust these days ? The Pope ? The Archbishop of Canterbury ? The question of trust eventually leads back to the decline of personal morality and integrity. Professional ethics is the privilege of the leaders of academia and the leaders of religions. It seems when the root is corrupt then the entire tree becomes diseased.

RYi of IL 2:19PM April 30, 2010

Dodd and Barny were the bigest lobbyist Fredy Mae and Fredy Mac had, these two drove the financial markeet to its knees,! And Dodd want us to go along with his lies now? We might of been stupid once but not twice!

jerrnbarn of LA 12:31PM April 30, 2010

Every financial crisis has been a combination of an aggressive and smart financial industry, incompetent and inept regulators and corrupt politians.
The SEC did not even catch Bernie Madoff until he was turned in by his sons. Even a marginally competent auditor could have discovered his house of cards. Now we find that many senior SEC officials were spending there days surfing the internet for porn.
Christopher Dodd had not one, but two, sweetheart mortages from Countywide. Now he wants to further regulate the financial industry, but the problem is corruption not regulations. The only likely way to get any real regulatory attention is to get behind on your campaign contributions.
People including Dodd should be in prison over the financial meltdown. China would have executed dozens of people.

BL Kitzel of KY 11:36PM April 29, 2010

I think the changes should be fairly simple.
The type of financial products that are no more than vehicles for betting should be made to no longer exist.
Futures contracts by those who will not take delivery of the product should be made to no longer exist.
Th era of "casino wall street" should be closed.
If folks want to "bet" Vegas is open for business!!

Duane McDonald of AZ 8:31PM April 29, 2010

Given all the talk of financial sector reform, it's interesting that very little attention has focused on lobbyists.
The IMF has done some really interesting research on the role that lobbying played in bringing on the financial crisis.
See: http://www.youtube.com/watch?v=ey2S4-qOIRc

financialwatcher of DC 7:49PM April 29, 2010

Dodd is the worst kind of political hack. He's even taken on the look of the slimy evangelical... slicked back hair, vapid smile... that whole holier-than-thou persona hated by so many. He and some of these other corrupt boneheads should probably be indited for their starring roles in the subprime market implosion and resulting stock market crash. If politicians don't pull their heads out of their rear ends real fast, and do what's right for the hardworking taxpayers, who they work for, they may find some of their pointy heads atop some long pikes at the Capitol someday. We've had enough of their B.S., and we're ready to ake it out on the next slick talking, corrupt, vote selling jerks who gets their hands caught in the cookie jar.

william of GA 4:31PM April 29, 2010