Yay! Wall Street ratings industry wins self-regulation!

[Bluebear]

You have got to be kidding me. Seriously WTF? Senator Dodd thinks it makes perfect sense. Uh, yeah. It makes perfect sense that people have had enough of Dodd and coziness with Wall Street but scrapping this plan is downright stupid and yet another slap in the face to the Americans who rescued Wall Street.

Credit-rating agencies like Moody's and Standard & Poor's dodged a bullet on Tuesday as lawmakers decided to strip out a provision in the Wall Street reform bill that would have upended their business model.

Negotiators from the House of Representatives and Senate tasked with hammering out a final version of the sweeping reforms agreed to remove a measure that would have set up a new clearinghouse to eliminate perceived conflicts of interest in the ratings industry.

Instead, they ordered regulators to study the issue and take action only if they think it is necessary.


And they have any reason to "take action" because, why? We fell into the recession thanks to self-regulation and now the Democrats are letting them do it again. Thanks for nothing, again.

http://www.americablog.com/2010/06/wall-street-ratings-industry-win-self.html

[FiveGoodMen]

1. No competitive industry will ever regulate itself.

None.

Never.

They can't.

They would then lose out to a competitor who isn't self-regulating.

Imagine if football had no rules or refs.

Imagine that one team decides -- out of the goodness of their hearts -- NOT to purposely injure the players on the other team.

After a few lost games ... after a number of sidelined players, they'd be out of the running.

Only the bad guys would be left.

There is really no exception to this rule.

There have to be refs. There have to be actual rules.

ALWAYS.

[Ruby the Liberal]

2. Al Franken was the lead on this.

Lets hope he makes some noise about it.

IIRC, his amendment was to have a blind pool as opposed to allowing the banks to shop their securities to the highest bidder between the ratings agencies.

Just common sense.

K&R

[Angry Dragon]

3. I had my doubts about Al at election time

He was running against norm coleman, and the only way he got in is by Wellstone dying.

But Al has impressed me and I am glad I voted for him.

[Ruby the Liberal]

4. Thank you for your voice.

The rest of Progressive America thanks you as well. He has rocked my socks as a Senator.

[Bluebear]

5. .

[Jkid]

6. Read closely...

Instead, they ordered regulators to study the issue and take action only if they think it is necessary.

ordered regulators to study the issue

When your represeantive decide to study on a issue on a issue that has a clear answer, this means they don't want to solve it. No, this means they are killing the problem solving by not doing anything.