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Strategies & Market Trends : World Outlook

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To: Don Green who wrote (9936)	9/22/2008 12:43:52 PM
From: Skywatcher	Read Replies (1) of 50888

since he never even appeared for weeks when this started happening in the mortgage industry, there is no DOUBT that he is shocked...because he knows little or nothing and is now ready to give away the entire country to Wall Street executives and the cronies...leaving the actual MORTGAGE HOLDERS....HOLDING the BAG that would be You and Me via Julie Satow of the NY Sun, special exemptions from the SEC are in large part responsible for the huge build up in financial sector leverage over the past 4 years -- as well as the massive current unwind Satow interviews the above quoted former SEC director, and he spits out the blunt truth: The current excess leverage now unwinding was the result of a purposeful SEC exemption given to five firms. You read that right -- the events of the past year are not a mere accident, but are the results of a conscious and willful SEC decision to allow these firms to legally violate existing net capital rules that, in the past 30 years, had limited broker dealers debt-to-net capital ratio to 12-to-1. Instead, the 2004 exemption -- given only to 5 firms -- allowed them to lever up 30 and even 40 to 1. bigpicture.typepad.com

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