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Regulation Fails ... Again
As if there weren’t ample evidence already, today brings another sign that, during this whole financial-crisis thing, government regulators weren’t really doing their jobs: A treasury department official, Darrel Dochow, let banks like IndyMac, which collapsed over the summer, exaggerate their finances in order to avoid regulation according to a report by the Treasury Department's Inspector General. Dochow previously had been in trouble for lackadaisical regulation during the Savings and Loan scandal of the early 1990s. He was removed from his job yesterday.
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Who can honestly say he isn't enjoying this financial crisis? It has unhorsed cavalier fund managers ...it has turned the masters of the universe into servile waiters...it has made Nobel Prize winners look like morons. The rich...the proud... the pompous...the vain...the incompetent...Wall Street - surely there is a God...an 'invisible hand'...giving them all a whack on the head!
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