Monday, April 19, 2010

There's a new sheriff in town, and she's actually going after the crooks. Finally.

Finally. The S.E.C. is suing Goldman Sachs. And, as the NYT reports, new chairwoman Mary L. Schapiro seems to be sending a message that goes far beyond Goldman.
“I think everybody a few years ago got caught up in the idea that the markets are self-correcting and self-disciplined, and that the people in Wall Street will do a better job protecting the financial system than the regulators would,” she said. “I do think the S.E.C. got diverted by that philosophy.”
The S.E.C., and most of the U.S., "got diverted by that philosophy" -- forgetting most of the lessons about the importance of financial regulation taught by the Great Depression. Good to see some semblance of sanity returning.

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