{"id":300,"date":"2008-09-27T11:04:20","date_gmt":"2008-09-27T16:04:20","guid":{"rendered":"http:\/\/www.noiselabs.com\/blog\/?p=300"},"modified":"2008-09-27T11:04:20","modified_gmt":"2008-09-27T16:04:20","slug":"voluntary-supervision","status":"publish","type":"post","link":"http:\/\/www.noiselabs.com\/blog\/2008\/09\/27\/voluntary-supervision\/","title":{"rendered":"&#8220;Voluntary Supervision&#8221;?"},"content":{"rendered":"<p><img src=\"http:\/\/thephoenix.com\/uploadedImages\/The_Phoenix\/Life\/HappyMoneyGuy.gif\" alt=\"happy money guy\" \/><br \/>\nNYTimes today <a href=\"http:\/\/www.nytimes.com\/2008\/09\/27\/business\/27sec.html?hp\">posted an article<\/a> on how chairman Christopher Cox just suspended the SEC&#8217;s &#8220;Voluntary Supervision&#8221; program for Wall St. investment banks. Apparently letting gigantic financial institutions decide if they want to be supervised can lead to <a href=\"http:\/\/afp.google.com\/article\/ALeqM5h17fQWeTCdMFOZw6RI7atShSPYpw\">some kind of major problems<\/a>.<br \/>\n<\/p>\n<blockquote><p>\u201cThe last six months have made it abundantly clear that voluntary regulation does not work,\u201d he said in a statement. The program \u201cwas fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate\u201d of the program, and \u201cweakened its effectiveness,\u201d he added.\n<\/p><\/blockquote>\n<p>Who would have guessed letting the fox run the hen house might lead to some bloody feathers? I heard on NPR last week that Cox actually declined to accept additional funds to help with regulation by congress and that he was unavailable for comment last weekend becuase he was on a &#8220;family vacation&#8221;. What a dousche bag! <\/p>\n<p>\nThank god they finally handed over the regulatory reigns to the Fed Chief, Henry Paulson. He doesn&#8217;t have <a href=\"http:\/\/en.wikipedia.org\/wiki\/Henry_Paulson#Career_highlights\">any ties to the investment banking industry<\/a> does he?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NYTimes today posted an article on how chairman Christopher Cox just suspended the SEC&#8217;s &#8220;Voluntary Supervision&#8221; program for Wall St. investment banks. Apparently letting gigantic financial institutions decide if they want to be supervised can lead to some kind of major problems. \u201cThe last six months have made it abundantly clear that voluntary regulation does [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[106,199],"tags":[],"_links":{"self":[{"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/posts\/300"}],"collection":[{"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/comments?post=300"}],"version-history":[{"count":0,"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/posts\/300\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/media?parent=300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/categories?post=300"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.noiselabs.com\/blog\/wp-json\/wp\/v2\/tags?post=300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}