Vic Smith wrote:
On Sat, 21 Mar 2009 11:51:57 -0400, HK wrote:


That's a start. And I would also suggest that *all* financial
institutions be oversighted and regulated by effective state insurance
commissions who have the power to come in at anytime, unannounced, pull
the books and padlock the doors, if deemed necessary. I would also
stipulate more examinations by organizations like A.M. Best, which
investigates and rates insurance companies.

I watched a Congressional hearing yesterday where state's AG's
testified how their investigations in the financial area are seriously
hampered by federal rules which end up protecting fraudsters from
investigation and prosecution.
Barney Frank - who chaired - wasn't happy listening to them, and did
his best to brush their criticisms aside.
I don't trust this asshole at all, and he's running that show.
He's so busy covering his ass for his past malfeasance that he's
rendered himself ineffective.
The very people who allowed this mess to happen are now trying to fix
it. Best argument for term limits I've ever seen.

--Vic


Just more evidence that the "free market system" is only free at the top
for those who want to abuse it.

We need to bust up these huge financial services companies. Your typical
small business owner wouldn't dream of committing the sort of fraud the
big guys engage in every day.