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The SEC and CFTC ought to merge, says a House subcommittee, as confusion about who had oversight...

The SEC and CFTC ought to merge, says a House subcommittee, as confusion about who had oversight for what likely contributed to the MF Global fiasco. The report also questions the FRBNY for giving MF primary dealer status despite a clear record of "prior risk management failures (and) chronic net losses." Yes, but the CEO had an A-list rolodex.
Comments (4)
  • Tom Armistead
    , contributor
    Comments (5426) | Send Message
     
    Mergers or name changes aren't a solution for regulatory failure. The solution is, to get the political influence on regulators out of the system. I don't now how that can be done, it's so pervasive, and it may be permanent, it certainly is powerful.
    15 Nov 2012, 01:00 PM Reply Like
  • funguide
    , contributor
    Comments (48) | Send Message
     
    well the political influence comes because one party or the other nominates these regulators. Also the regulators have to continually worry about getting their budget cut, if they become too "regulatory."
    Though the FRBNY has no excuse, Dudley should retire already.
    Jon Corzine escaped only b/c he was a senator before.
    15 Nov 2012, 01:05 PM Reply Like
  • june1234
    , contributor
    Comments (2699) | Send Message
     
    Its OK . Former NJ governor/senator and GS CEO Corzine just opened up a new and improved hedge fund following his "prior risk management failures (and) chronic net losses" at MF Global.
    I read a colleague of his from Corzine's days as GS CEO runs the CFTC which I believe is responsible for oversight of firms like MF . Merging CFTC with SEC who did such a bang up job on Maddoff's activities is a great idea; that should work. I think they just recycle all these people.
    15 Nov 2012, 01:05 PM Reply Like
  • Remyngton
    , contributor
    Comments (354) | Send Message
     
    Obama's biggest donor , Corzine ??? , play by the rules ... ha
    15 Nov 2012, 02:05 PM Reply Like
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