Word: oversight
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Dates: during 2000-2009
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...regulation was the root cause of the financial and credit catastrophe that ruined the international banking system. Leaving aside whether regulation can, in and of itself, make the financial markets less risky, increasing the power of regulatory bodies costs almost nothing in terms of creating new laws and staffing oversight agencies. There should be very little argument on that point. Every nation coming to the G-20 summit can afford to further regulate its banks and financial markets. However, there has been little time allocated for discussion of the costs of financial regulation...
...Welcome to the SEC Circus I was incensed after reading your article on the lack of accountability and oversight at the Securities and Exchange Commission [March 9]. Thousands of hardworking people lost their jobs and homes as a result of the incredible nonfeasance, misfeasance and probably malfeasance of Christopher Cox and friends. Those responsible, from government to local banks and mortgage brokers, need to pay for this bailout. If we don't get legal justice, we need to take it to the streets. I did not serve 20 years in the military for this. James C. Byrk, Plattsmouth...
...that the days of making huge bets on the markets with relatively little in capital to back them up would be no more. And Geithner's plan would also for the first time subject exotic financial-derivative products, like the credit-default swaps that took down AIG, to federal oversight and market transparency...
...profligate investment practices of the financial sector not only caused the current credit crisis but also allowed for the inappropriate compensation decisions of companies like American International Group and Merrill Lynch. Many would argue that the absence of effective regulatory oversight also contributed to both of these problems. However, equating these misdeeds with the financial system itself poses a grave risk to the economy's recovery...
...responsive and responsible system also requires oversight throughout the justice system, something that appears to have been sorely lacking in Pennsylvania. No one has accused prosecutors of being part of the scheme, but many observers argue that they were in a position where they should have known of the problem but chose not to speak out. Instead, it took the work of the Philadelphia-based Juvenile Law Center to uncover the abuses. After discovering that more than 50% of kids in Luzerne County Juvenile Court had been without legal counsel, the organization in April 2008 petitioned the Pennsylvania supreme court...