|Bracing against the wind|
Tuesday, April 27, 2010
If the other guys are doing it and the government's letting them slide... you have to... even if you don't want to and you know it's wrong.
The SEC and Congress fell down on their job, this caused all the brokerage firms and hedge funds to enter into a frenzy of "unfair play". Now Congress and the SEC are looking for someone to blame?
How's a firm going to survive if they are "playing fair", paying less, losing talent and losing clients?
Our government's job is to make the rules fair and to see that they are enforced.
That's a joke... and Congress is laughing.
I blame no administration more than George Bush's - who relaxed regulation and forced banks into competition with each other in supremacy at an unfair game where everyone was playing with increasingly sophisticated loaded dice.
But Clinton's administration too, was one to turn a blind eye to regulation of the Street.
Congress is in trouble now... for the collapse of a game they solely created.... so they're picking the "smart Jewish guys - Goldman Sachs" to be fall guys.
Now that's predictable.
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