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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Blaming clinton for the economy?
Posted by:
tupac
()
Date: September 25, 2008 04:35PM
Proof pudding back in feb 2007 : http://www.nytimes.com/2007/02/23/business/23hedge.html?_r=1&emc=eta1&oref=slogin
"WASHINGTON, Feb. 22 — The Bush administration said Thursday that there was no need for greater government oversight of the rapidly growing hedge fund industry and other private investment groups to protect the nation’s financial system."
"WASHINGTON, Feb. 22 — The Bush administration said Thursday that there was no need for greater government oversight of the rapidly growing hedge fund industry and other private investment groups to protect the nation’s financial system."
Re: Blaming clinton for the economy?
Posted by:
Registered Voter
()
Date: September 25, 2008 10:07PM
Yes, and if you read further down at the end of the article, the two yokels in charge of the appropriate committees noted:
Note that the SEC tried to get the hedge fund folks to register with them (also in the article) but their efforts were struck down by a federal appeals court (hmm, wonder which one)...
In any case, yes, when they refer to "administration" in the article, it was a working group formed by Paulson and others - all ex-Lehman folks, along with a bunch of other market folks. The article is interesting in that it shows where Paulson was on this (the wrong side - probably explains why he never said much about it). Probably explains also why folks on the Republican side in the House are looking at this 700B bailout as a trojan horse.
Lots of people on both sides of this issue were idiots. As I have said many times.
Edited 1 time(s). Last edit at 09/26/2008 03:06PM by Registered Voter.
Quote
The reaction in Congress, which is in recess this week, was largely muted.
Representative Barney Frank, the Massachusetts Democrats who heads the House Financial Services Committee, called the announcement “a first step in addressing questions presented by the significant growth of hedge funds.”
“Steps are being taken to increase investor protection,” Mr. Frank added, “and I believe the appropriate committee in the House and the Senate should be working with the Presidential Working Group and others for the further study and monitoring of both issues.”
A similar statement was issued by Senator Christopher J. Dodd, the Connecticut Democrat who heads the Senate Banking Committee.
There is no expectation that Congress will adopt legislation on the subject any time soon.
Note that the SEC tried to get the hedge fund folks to register with them (also in the article) but their efforts were struck down by a federal appeals court (hmm, wonder which one)...
In any case, yes, when they refer to "administration" in the article, it was a working group formed by Paulson and others - all ex-Lehman folks, along with a bunch of other market folks. The article is interesting in that it shows where Paulson was on this (the wrong side - probably explains why he never said much about it). Probably explains also why folks on the Republican side in the House are looking at this 700B bailout as a trojan horse.
Lots of people on both sides of this issue were idiots. As I have said many times.
Edited 1 time(s). Last edit at 09/26/2008 03:06PM by Registered Voter.