http://www.treas.gov/press/releases/hp1064.htm
July 2, 2008HP-1064
Remarks by U.S. Treasury Secretary Henry M. Paulson, Jr. on the U.S., the World Economy and Markets before the Chatham House
To address the perception that some institutions are too big to fail, we must improve the tools at our disposal for facilitating the orderly failure of a large complex financial institution. As former Federal Reserve Chairman Greenspan often noted, the real issue is not that an institution is too big or too interconnected to fail, but that it is too big or interconnected to liquidate quickly.
It sounds to me as if they are getting prepared. As usual, the events will outstrip them and overwhelm us.
and...
adding just a bit of historical background, Odd Numbers has:
Sarbanes-Oxley: It's Delicious, and (Mostly) Good for You
Jul 2 2008 7:30PM EDT
As Treasury Secretary Paulson called for tougher banking regulation on Thursday, it's worth remembering that less than two years ago, the Paulson-backed Committee on Capital Markets Regulation was campaigning for the opposite. ~
The committee released a report in November 2006 arguing, in part, that financial market oversight needed to be relaxed, otherwise the U.S. -- New York City in particular -- would lose its place as the world's money center. The primary evidence for this argument was that the U.S. share of the IPO market was falling...
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