Thursday, March 26, 2009

Geithner Wants Broad Powers And Independent Regulator

Steve Bartlett must be laughing his butt off. is reporting that Treasury Secretary Tim Geithner wants to create an independent regulator to oversee the financial institutions.

Refer to my post where I recall Barlett's words before Kanjorski's committee in 2003.

Mr. BARTLETT. Mr. Kanjorski, our organization and our companies have been quite concerned about this from a safety and soundness as well as a mission for the last several years. We have communicated that concern. But recently, that concern seems to have been highlighted by a number of factors.

So, yes, sir, I believe there is an urgency that is to the tune of some $3.3 trillion that is either owned or guaranteed by these two agencies that all the testimony that you have heard today bring in some question as to whether they are being properly regulated. So we think they are not being properly regulated. And we believe that with $3.3 trillion, you do not want to wait too long. And now is the time to act.

Kanjo, why did it take this long?

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