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Arthur Levitt Testimony Blackline, Now With Less Harsh Language To Soothe Mr. Levitt's Employers
Just because words like "failing", and "bail out" have no place in the prepared remarks of a former chairman of the SEC, and a advisor to The Carlyle Group, Getco and, of course, Goldman Sachs. Always better to sugarcoat a little just to be on the safe side. Especially when you are in the pocket of High Frequency Trading, Private Equity and Goldman.
Additionally Levitt sees no reason in attempting to cap bank size: apparently it is "impossible to restrict any institution from becoming too big" so the only hope in containing financial armageddon when for example Goldman's VaR of several hundred million blows up in the taxpayers' face, is more bail outs. And enter the Fed.
The only useful soundbite of Levitt's testimony: "The Fed has too many conflicts to [be a systemic regulator] effectively." Of course, it would be best to just leave that job to those whose conflicts of interest Levitt himself defends (and who pay his bills).
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http://www.talkingpointsmemo.com/news/2009/09/ap_source_census_worker_hanged_with_fed_on_body_1.php?ref=fpa
coming to a town near you. too bad it happened to a regular guy, not one of the actual fed people
Unfortunately, this may wreak of setup. Given the nature of the fed and their relationships, the use of an individual to discredit those who would criticize the fed is potentially quite compelling. Given that we have seen FBI involvement in attempts at possible false flag (think Afghani/NYC cops) at paying talkshow hosts to incite racial violence (Nat Turner, NJ) and a variety of other seemly activities, could it be that this is just one more "staged" event to take us off the trail of the fed and paint those who criticize as violent, crazy, conspiratorial? While this may be real and if it is, incredibly unfortunate for the poor individual, without more evidence, one has to have legitimate suspicions. Yes, they're that despicable.
the key, as ZH noted in the recent post about Volcker, is to make is so that when GS's multi hundred million dollar VAR blows up, they lose only THEIR money, not our money. hence, separation of church and state: aka, Glass Steagall
Clay County huh? Not much of a genetic mix up in them there parts.
prop desk financial disaster: the key to not being on the hook as a taxpayer is to not be a taxpayer. (to the max degree possible)
here's a thought: opt out of the system by eliminating all debt, buying and holding real gold and silver tender, become self sufficient and refuse to play by the rules of the casino. of course, said thoughts require lifestyle changes.
i would like to think folks don't have to go down with the ship.
Arthur Levitt, a personification of what a title seeker truly is.
The root problems are obvious: the Fed IS a problem, too big to fail IS a problem, excess leverage IS a problem, and corruption within the regulatory bodies IS a problem. Somehow, we the people need to force change in those areas, changes that are SIMPLE, that should be EASY if it weren't for the FACT that the people we have in place to make the necessary changes ARE CORRUPT SCUMBAGS WHO BELONG IN PRISON.
the people we have in place to make the necessary changes ARE CORRUPT SCUMBAGS WHO BELONG IN PRISON
the people we have in place to make the necessary changes ARE CORRUPT SCUMBAGS WHO BELONG IN PRISON
the people we have in place to make the necessary changes ARE CORRUPT SCUMBAGS WHO BELONG IN PRISON
the people we have in place to make the necessary changes ARE CORRUPT SCUMBAGS WHO BELONG IN PRISON
making THAT our number one problem
Shame on you Art Levitt...
howz about guys like you and Buffett go out with some class, decency, and integrity?
remember that history usually gets it right.
DH, arthur has no shame.
and integrity is devoid of meaning when used in this context.
personally, i am confused about why he is even testifying.
you are correct. for sure.
GS FIE!!
Levitt is the perfect example of why the SEC is a failed institution....
For many years ...the sleepy, govt. payroll SEC....served
as an easy stepping stone to the "real" paying jobs
on the corporate side....
Levitt graduated with honors in that he managed getting
paid by Bloomberg....Goldman Sachs....and the SEC....
It is no wonder that the SEC is not in any hurry to give up
the well established stepping stone to "real pay"....
What is interesting at this point is that after de-fragmentation of the exchanges to fully direct access electronic....software run venues.....that a direct access electronic de-fragmented exchange....and the new wiki format information system...can handily be regulated....
What is needed are time frames of employ.....such as
one cannot simply cross over from the SEC to corp....ie there must be a five year waiting clause...before a crossover from SEC to Corp. would be allowed....