Via today’s NY Times:
WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down…
…Christopher Cox, the commission chairman, said he agreed that the oversight program was “fundamentally flawed from the beginning.”
“The last six months have made it abundantly clear that voluntary regulation does not work,” he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness,” he added.
What the hell, let’s give him the “Moronic Statement of the Decade” award while we are at it, for, one more time:
“The last six months have made it abundantly clear that voluntary regulation does not work”.
The last six months??? How about the last fifty thousand years? Jackass.
Here’s an idea, you know that program whereby the I.R.S. may audit you? Let’s make that voluntary — you know, opt-in / opt-out, whatever works for you.
Or that annoying thingy where the cops pull you over for drunk driving? Same deal, you want out of that program? No sweat, we’ll give you a special decal for your windshield. You know, the “honor” system. Worth a try. Who knows, it could work.
“Who are these guys?” (thanks Paul, for everything)newman, oxymoron, sec, voluntary regulation