Friday, October 03, 2008

Today's Must Read: Why the SEC failed

Here's the Bush Administration at it's "best" -- deregulating, setting the fox to guard the hen house, and oh yes, betting the country's financial future on a pair of crossed fingers.

Today's report from the New York Times is a must read on the Securities and Exchange Commission and a 2004 change in the rules that helped set up today's crisis.
“I’m very happy to support it,” said Commissioner Roel C. Campos, a former federal prosecutor and owner of a small radio broadcasting company from Houston, who then deadpanned: “And I keep my fingers crossed for the future.”

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