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...More enforcement. Check. More Disclosure. Check. Better self-regulation. Check. Does Schapiro believe this is enough...
...FINRA and other self-regulators historically have played it safe in their enforcement," says Columbia's Coffee. (Self-regulatory organizations do not usually draw their authority directly from Congress, and may be financed by the industry they cover.) "FINRA's been tougher than its predecessors, but it still tends to focus more on outlying and smaller firms; it's been more deferential to the bigger players. At SEC, she has to clean house and needs truly aggressive prosecutors." (See who's to blame for the current financial crisis...
...need more traditional enforcement," says Dunbar. "With big funds and banks, the government, in effect, becomes the back-up insurance if they go bad. Firms that grow too big to fail must pay for this insurance; this might achieve a kind of new self regulation." (See the top 10 financial collapses...
...Schapiro's financial self-regulation background may not be enough. According to Dr. Fred Dunbar, senior vice president at NERA, an economic consulting firm, "banks are suppose to behave themselves under self-rule." During the Bush Administration this popular belief drifted over to the SEC, Dunbar says. "The feeling was, with the SEC, that with such self-enforcement they wouldn't have to step up their own enforcement. But the financial crisis has led to a re-examination of this theory, firms don't behave as one might think in theory...
...generation of more reliable nuclear warheads would give the U.S. the confidence to shrink its overall nuclear arsenal. After all, if you have only a 50% level of confidence that a nuclear weapon is going to perform as advertised, you'll need twice as many. The U.S., under a self-imposed moratorium, has not conducted nuclear tests to assure the reliability and potency of its weapons since 1992. But it does spend more than $5 billion a year conducting analyses and computerized tests to monitor the health of the weapons. (RRW is estimated to cost at least $100 billion...