Word: systemic
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These first steps, she said, are part of her larger initiative to bring new "transparency and accountability" to all financial sectors, enact "vigorous prosecution" of those who have "cheated investors" and modernize the entire U.S. regulatory system. (See the top 10 financial collapses...
Experts say it's a positive start but far from enough for an agency considered to be at the heart of restoring investor confidence in the U.S. financial system. "These are good first steps, but they aren't any silver bullet," said Bruce Carton, a former SEC enforcement officer and publisher of the securities-enforcement report the Securities Docket. "These are all bureaucratic obstacles that never should have been there in the first place. It will certainly expedite things, but it won't catch a Madoff." Real change, he said, "is all about putting more people in enforcement and training...
Schapiro's new system allows a single commissioner to approve investigations on behalf of the entire commission, which may take "a couple of days," she said. The change reinstitutes a policy that goes back to the Reagan Administration...
...while other studies have required the subjects to activate their brains over and over again so that researchers could average the subtle changes in their scans across many trials, Chau and Luu's technique is precise enough that they needed to look only once. "This is a single-trial system," says Chau...
...There are two aspects of the ongoing recession that may come as a surprise to some observers as events unfold. The first will be the failure of central banks to re-ignite credit growth in the ailing banking system. The second will be the failure of governments' debt expansions to increase the cost of funding. In other words, the long end of the yield curve will continue to be depressed, just as it has been in Japan for the past 16 years. In the early 1990s observers in Japan argued that 10-year Japan government-bond yields of 3.5% could...