Word: oversight
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...center of the current controversy. Cassano, who helped found the AIG FP unit in 1987, built his money machine not on anything fraudulent but on what's been described as regulatory arbitrage. As Bernanke explained recently, "AIG exploited a huge gap in the regulatory system. There was no oversight of the Financial Products division. This was a hedge fund, basically, that was attached to a large and stable insurance company...
...huge obstacle to any such bill, no matter who originates it. Others say this type of legislation would raise the ugly face of nationalization and the specter of politicians micromanaging the financial system because the government "owns" it. Representative Elijah Cummings, a senior member of the House Oversight Committee who has been looking into AIG for months, said he doesn't believe it's lawful to tax the bonuses just to get them back. "We're going to have to recoup it from the company, and there's going to have to be some type of investigation," he told TIME...
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...
...noteworthy successes. The Rumsfeldian fracas over up-armored Humvees—which failed to appear in any appreciable quantity in the Iraqi theater of operations until more than four years after the beginning of combat operations—is just one example of how poor management and lenient oversight at the Pentagon have cost the American military millions of dollars and thousands of unnecessary casualties. Carter’s appointment also represents an opportunity for policymakers to update our procurement priorities for the conflicts of the 21st century. Despite the fact that the Soviet Union collapsed nearly two decades...
...surprised that Senator Chris Dodd and Congressman Barney Frank were left off the list of 25 people to blame for the economic meltdown. Each of them chairs a committee with oversight of banking and housing, the two sectors that got us into this mess. Each of them blocked attempts at tighter controls over Freddie Mac and Fannie Mae. Even more outrageous was Dodd's acceptance of a VIP loan from Countrywide. These two characters ought to be No. 1 and No. 2 in the lineup. Tim Grosscup, VILLA PARK...