Bill Supposed To Tighten Rules On Ratings Agencies Has Big Loopholes

McClatchy:

A key House of Representatives committee is set to vote soon on legislation that would overhaul financial regulation and produce greater transparency for investors, but as it's now written it fails to address many of the credit-rating agency missteps that helped fuel the global financial crisis.

Read the whole story: McClatchy

Comments

[bola47]

everything that washington does has a loophole that allows the common man to be continually put down while the uber wealthy keep on getting wealthier. when is this all going to end and more importantly, how is it going to end?

[rudolph]

Yes, we could have....

[TJCole]

We don't have Legislators, we have Bribe Takers..!

Simple as that...

Where's the Change Barack...?

[mytradingg]

For a more perfect unions we must have:

Jobs,job securi.ty, job benefits, universal pre school-K.12, housing, affordable college education affordable health are that doesn't ban.krupt sic.k families

good articles; http://ow.ly/dmzm

a better society is one that creates opportunity

[lvdragonlady]

Why is it that almost every bill congress comes up with has 'loop holes'? Can't these losers figure out that the American people are NOT going to just let these kind of things happen anymore? The American people want answers to questions like, congress WHY are you still trying to help big business at the cost of the American people? WE are NOT stupid and loop holes for big business are UNACCEPTABLE.

Let's find a way to limit the terms of ALL congress personnel.
Let's find a way to OUTLAW all lobbyists and the companies they work for.
This is America and WE can make this happen.

[arizonabay]

They still are operating under the assumption that it is still the early 90's and that people get their info from as GHWB calls them the cables, network news, and newspapers and radio. We wouldn't find this stuff out until Congressional quarterly then it would have already passed. They forget that the net is not just the mainstream media it has people who actually reads this stuff and reports it.

[lightningbolt]

Until we get rid of bribery (aka private campaign finance) there will never be any meaningful reform of anything. As long as corporations can bribe our elected officials, everything the government does will contain loopholes for those corporations to use.

[truthmatterstoo]

Can we sue Bernanke, Paulson and Geithner?

[lightningbolt]

No, justice is only for little people.

[jojony]

Can we add Obama to that list.

[petridish]

do not forget to add Gramm, Bush, Greenspan, Clinton, Rubin, Summers etc., etc.

[jojony]

Another success by the Obama administration.

Pathetic.

Banks are still shopping for ratings and the agencies do what they are told. No change yet.

[gorgol]

So I guess the "defining word" for this administration has gone from "change" to "loophole"...

[jws2346]

Very good, I'm also starting to wonder if change, loophole and regulation aren't synonymous

[Rog49Thomas]

It's Biblically- based legislation - you know the parable of the "rich man and the eye of the needle".

Sometimes government has to lend a helping hand.

More often than not it's the rich man who gets it.

But who is more deserving?

Some underweight kid denied medical insurance or some rich guy.

Pretty clear what the answer is.

[jws2346]

Duh, witch way'd he go bart ?

[vippy]

Why even bother with the appearance of a regulation? Mafia!

[Bettysdad]

Simply make the ratings agencies liable to class-action lawsuits based on fraud.

Now why would anyone object to that?

[WhatDaBleep]

When people that write the bills have vested interests in the companies they are trying to regulate the bills will always favor the companies being regulated and screw the American People that the bills were meant to protect.

[aflyinyoursoup]

"....but as it's now written it fails to address many of the credit-rating agency missteps that helped fuel the global financial crisis....."
Absolutely SHOCKING.....
I would have thought that the fine, family oriented, upstanding Christian brothers and sisters in the "credit" industry who actually wrote this piece of legislation would have given up at least ONE of their Mercedes in order to provide the American people with a fair and level playing field....