State securities cops slam bill as Wall Street sop

[Yo_Mama_Been_Loggin]

What's this B.S. about conservatives favoring local control?

By Kevin Drawbaugh


WASHINGTON, July 18 (Reuters) - U.S. state securities regulators on Friday attacked a bill in Congress that would reduce their power, saying it would shield Wall Street from aggressive investigators such as New York's Eliot Spitzer.

Just months after Wall Street brokerages agreed to pay $1.4 billion to settle a federal-state probe of research analyst misconduct, the bill before Congress would have prevented a Spitzer-led precursor to that settlement.

The bill authored by Louisiana Republican Rep. Richard Baker has passed the U.S. House of Representatives Capital Markets Subcommittee he chairs. Congressional aides said the measure may be headed for full committee review next week.

The measure attempts "to take away powers from state securities regulators," said Joe Borg, securities director of Alabama and ex-president of the North American Securities Administrators Association, which represents state regulators.

-more-

http://biz.yahoo.com/rf/030718/financial_states_1.html

[aquart]

1. Everybody put your money in the market!

It's all clean and safe now!

Get in on the IPO for the Brooklyn Bridge!

[The Backlash Cometh]

2. Maybe the government doesn't want Wall Street investigated

by the locals, because we would be very, very surprised by who really is benefiting from insider trading.