Outlawing greed
November 20, 2009 | federal legislation, industry | Comments (0)I think Senator Dodd’s grasp will exceed his reach on this particular issue. From the story:
Senate Banking Committee Chairman Christopher Dodd said an overhaul of U.S. financial rules is needed to prevent “staggering greed” and close gaps that allowed risky lending and investment practices.
Draft legislation Dodd unveiled last week to end what he called an era of “profound irresponsibility” was faulted today by Republicans who said it would expand government, weaken bank oversight and lead to taxpayer bailouts. Dodd said outdated rules leave regulators unable to keep pace with the industry.
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