The SEC has a straightforward mission to protect investors: It must make sure that companies selling securities to investors tell the truth about their businesses, the securities they sell, and the risks involved.
As the regulations created by Dodd-Frank are chipped away, many are asking why the federal government is unable to enforce banking reforms even after the worst financial crisis since the Great Depression.
It's a sign of our shadowy times that the latest regulatory "reform" bill hasn't been laughed out of Washington. Same goes for the latest bankers' complaint, this time about being asked to cover their own bets.
Large losses are most often caused by unpredictable price movements that are impossible to predict using historical pricing data. Instead of attempting the impossible, regulators should utilize the information that they do have.
If the recall vote in Wisconsin is any hint of what is to come in the next few months, caveat emptor will be the catch phrase of the marketplace and government will go from being our protector to being a supplicant of the one tenth of one percent.
Romney is identified hand and fist with Wall Street's interests. Yet it is still early in the campaign. It would be a coup were his campaign to look to that singular personage in government who fought tooth and nail for the interests of everyday America.
There he goes again. Wall Street is fighting tooth and nail to emasculate the Dodd-Frank Bill, focusing its artillery on the Volcker Rule, namely those sections calling for the elimination of proprietary trading by banking institutions.
The core lesson of the Corzine imbroglio and his "Who me?" testimony before various congressional committees has not been instinctively overlooked, but certainly not emblazoned into our consciousness, as well it should be.
Wall Street is its own worst enemy. It should have welcomed new financial regulation as a means of restoring public trust. Instead, it's busily shredding new regulations and making the public more distrustful than ever.
While it is tempting to think that things could have turned out differently for some of these firms if they had implemented and executed a Dodd-Frank living will, the reality is that probably not much would have changed.