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I want Matt Tabbi to write the legislation.
CG: Sorry Timmy-boy. Congress & Obama aren't interested. They'd rather play with heallth care. And pretty soon it will be time for all the congress critters to head out on to the campaign trail. Maybe next year.
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WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner on Wednesday repeated his call for Congress to pass financial reform legislation that curbs risk-taking by big financial firms and ensures they can absorb their own losses.
Geithner, in prepared testimony on the Obama administration's fiscal 2011 budget plan that was identical to earlier written remarks, told the House of Representatives Budget Committee that comprehensive reforms were needed to ensure growth and ensure Americans' financial safety.
"We need a financial system that is safer, in which financial firms, especially large ones, have more capital to absorb their own losses and cannot take risks that threaten the whole economy," Geithner said. "Consumers need to be given the information they require to make the decisions that are right for them and they need to be protected from unfair and fraudulent practices."
He added that the government needs to have the authority that it did not have during the financial crisis to "break apart and unwind failing firms in ways that limit damage to the system as a whole."
But his testimony did not provide any specifics on the mechanisms for providing such protections. Geithner is scheduled to meet later on Wednesday with U.S. senators Christopher Dodd, the Connecticut Democrat who heads the Senate Banking Committee, and Republican Bob Corker, who has taken a lead role in negotiations on a Senate financial reform bill, to hash out details of the bill.
Key sticking points are Republican opposition to curbs on proprietary trading by Wall Street banks and to the creation of a new consumer financial protection agency.
(Reporting by David Lawder, Editing by Chizu Nomiyama)
http://finance.yahoo.com/news/Geithn...&asset=&ccode=
I want Matt Tabbi to write the legislation.
+1.
Great idea!
Matt and Luck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_Lu ck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_ Spitzer.
Matt and Luck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_Lu ck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_ Spitzer
ES has several axes to grind with Wall St hit men who took him down for kicking Greenberg out of AIG, with the complicity of and policing by Repugs' DoJ.
I saw an article recommending that Spitzer should replace Geithner.
Geithner as financial regulator, regulations writer? This is what "fox guarding the hen house" was invented for.
Be assured that any Geithner regs will actually have fox holes in all 4 walls of the regulatory hen house.
Last edited by boutons_deux; 02-24-2010 at 12:33 PM.
LMFAO @ Geithner of all people calling for financial reform. This is on par with having Cheney about us going into Iraq or something.
in my post above, Luck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_Lu ck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_ Spitzer gets expanded into the FTL. I re-edited it 3 times. and even added a 2nd starting line, which also got the FTL treatment.
wow. Can anybody else type E l l i o t t (no space) and not get the FTL??
What is the story behind the FTL bit anyway?in my post above, Luck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_Lu ck_The_Fakers_Luck_The_Fakers_Luck_The_Fakers_ Spitzer gets expanded into the FTL. I re-edited it 3 times. and even added a 2nd starting line, which also got the FTL treatment.
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