Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Obama Plans Fast Action to Tighten Financial Rules

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
 
ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:10 PM
Original message
Obama Plans Fast Action to Tighten Financial Rules

Obama Plans Fast Action to Tighten Financial Rules

Published: January 24, 2009

WASHINGTON The Obama administration plans to move quickly to tighten the nations financial regulatory system.

Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.

<...>

Some of these actions will require legislation, while others should be achievable through regulations adopted by several federal agencies.

Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to the exotic and ultimately shaky financial instruments that have been a source of market turmoil. The core problem, they said, is that the agencies are paid by companies to help them structure financial instruments, which the agencies then grade.

<...>

Administration officials have begun to study ways to control executive compensation.

For example, they are preparing proposals to limit executive pay at companies that receive money under the bank bailout program. In response to written questions by Senator John Kerry, Democrat of Massachusetts, Mr. Geithner said that in such circumstances the administration was planning to set a limit and that any compensation over that amount would be paid in restricted stock or similar form that cannot be liquidated or sold until government assistance has been repaid.

Excessive executive compensation that provides inappropriate incentives, Mr. Geithner said, has played a role in exacerbating the financial crisis.





Printer Friendly | Permalink |  | Top
MadMaddie Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:22 PM
Response to Original message
1. All of these rules should have been implemented with the
first bailout money....the financial industry executives and the Republicans robbed America. There also were culpable Dems that just let it happen.
Printer Friendly | Permalink |  | Top
 
ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:37 PM
Response to Reply #1
2. Bush wasn't going to implement anything. It's Obama's turn. n/t
Printer Friendly | Permalink |  | Top
 
MadMaddie Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 06:51 PM
Response to Reply #2
3. I know
Dereliction of duty on *.
Printer Friendly | Permalink |  | Top
 
polichick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:35 PM
Response to Reply #1
5. And so many people warned that robbery is exactly what was happening...
Dems should have stopped it ~ we'll never see any of that money again.
Printer Friendly | Permalink |  | Top
 
TayTay Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:22 PM
Response to Original message
4. This is terrific news!
We need to put some regulation back into the market. I am very pleased to see this action starting.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Oct 20th 2014, 05:42 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC