Interesting idea...
This is perfect! Now all the GOP needs is an idea
GOP succeeds in getting an “open amendment” debate.
Now all they need is an amendment!
Last night Republicans succeeded in persuading Democrats to actually allow the GOP to offer some new ideas during the debate on financial reform.
Now all the GOP needs are some ideas–always a challenge for the Stupid Party. But we have one for them.
As scandals continue to break they all have a single theme: the banks make money by deceiving their customers. Goldman did it. Lehman did it. Bear did it. Soon we’ll find out they all did it.
And they don’t even have to lie. All they have to do is comply with current law which allows them to keep secret nearly everything they do.
So open them up. Give citizens and investors the same access to the banks’ books that regulators are supposed to have–but apparently are too lazy and clueless to use.
Make the banks disclose it all, line by line: Every bond they own, every stock, derivative, swap, put, call and conventional loan. On balance sheet, off balance sheet. Everything.
If that were the law, none of this could have happened. No repo 105. No betting against your own customers. No front running. Because everyone would know.
Tags: Andrew Redleaf, Financial regulatory reform, Goldman, repo 105, Richard Vigilante
This entry was posted on Thursday, April 29th, 2010 and is filed under
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