Short Cut Leads To Dead End

September 15. 2008

Merrill Lynch (photo courtesy of the New York Times)

For almost two years I have stated on the Judiciary Report website and Sound Off Column that the U.S. banking industry needs proper regulation.

Today's collapse of Lehman Brothers and cheap buyout of Merrill Lynch, finally convinced many that something needs to be done in this respect, to adequately regulate financial institutions. 

President Bush let them do whatever they felt like, essentially letting the inmates run the asylum, resulting in the disaster we see today. You cannot let any corporate sector have its proverbial way with the people.

Greedy CEOs and negligent board of directors will engage in every form of gouging known to man, under the proviso of, there are no rules.

In any economy, giving the consumer a fair deal should be the first priority, because without them, businesses have nothing to stand on.

NY officials to Washington: fix financial oversight

NEW YORK (Reuters) - New York City's mayor on Monday said U.S. regulators must stop short-sellers from "preying on the weakest firms" and the state comptroller said that without "rational" reforms, the demise of Lehman Brothers Holdings could cripple financial marts and the economy.

http://www.reuters.com