Thursday, January 8, 2009

Starting Overhaul of Wall St Not Encouraging

Will Obama deliver on promise of a “21st-century regulatory framework” for the financial system? The NYT editorial board says the early signs, including his selections for major financial posts, “not terribly encouraging.”

Geithner, Obama Treasury man, was “closest regulator to Wall Street during the years when the excesses that led to the crisis proliferated.” Gensler to lead the CFTC, oversaw legislation that exempted derivatives — including CDS, which amplified the damage — from oversight by the federal commodity regulator. Relying on market discipline to keep risk in check has been a “manifest failure.” Among changes urged are limits on use of leverage to boost profits, stronger capital requirements, more oversight of swaps and derivatives and Hedge Fund Regulation.

Obama Administration Could Mean More Compliance Regs Read more at The Datakos Blawg
Financial meltdown coupled with Democratic control seems like a recipe for a host of new compliance regulations — and thus more business for storage vendors and more work for storage administrators. While it might be years before all this results in any kind of international consensus, another round of regulation is almost certainly at hand.

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