Rep. Patrick McHenry opposes Wall Street reform. He exploits his position as chair of a House subcommittee to castigate the Washington financial police charged with enforcing that law for failure to consider the costs and benefits of implementing rules. He’s succeeding.
More than half the rules required from the 2010 Wall Street law remain unwritten, mired in cost-benefit analysis.
This week, he lashed out again at the top cop at the Securities and Exchange Commission, Chair Mary Schapiro. But this time, he complains that Schapiro goes too slow implementing a law he favors. This law allows Wall Street to pitch risky deals to the public.
Fighting Wall Street reform, and abetting looser rules for Wall Street pitchmen helps Wall Street. Rep. McHenry should understand that the 10th Congressional District of North Carolina does not include Wall Street.
— Bartlett Naylor
Arlington, Va.
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No Criminal Case Is Likely in Loss at MF Global
A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.
After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
http://dealbook.nytimes.com/2012/08/15/no-criminal-case-is-likely-in-loss-at-mf-global/
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By timothypeck
08/29/2012
Yes Mr. Peck, Attorneys General Mukasey and Holder who "serve(s) at the pleasure of the president(s)" have let hundreds of thousands of admitted and proven cases of fraud go without penalty. The next administration will most likely not prosecute any of the new fraud perpetrators that wield power or cash. MF Global/Jon Corzine is but a small fish in the pot compared to Citi, BOA, GoldfSx et al. regarding the OP, Rep McHenry is toeing the line like a good representative should. Ask Heath Shuler how the game is played. Play it their way of leave. If McHenry is bringing home the pork, that's the best you can expect from anybody. Wall Street is untouchable.
By Tycer
08/30/2012