Category Archives: Financial Reform

Holy Crap, is this as bad as it sounds?

“Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.”

http://www.foxbusiness.com/markets/2010/07/28/sec-says-new-finreg-law-exempts-public-disclosure/

It . . . it can’t be true.

Over at Americans for Financial Reform, they said this bill would be a “Shining Light on Shadow Markets,” because “the $600 trillion derivatives market will now operate in the open, so regulators can catch problems.”

But there shall be no light on these regulators?

Huh.

A Milton Friedman quote comes to mind . . .

“Just tell me where in the world you’ll find these angels who are going to organize society for us?  Well, I don’t even trust you to do that.”

Well, maybe the SEC is run by angels, right?

Oh.  Nevermind.

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