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[zurück][ältere Posting][neuere Posting]  Donnerstag, 18 September 2008 | Blog: 11 | No: 12991    

Nicht wahr?

Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers

Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers.

The Securities and Exchange Commission can blame itself for the current crisis. That is the allegation being made by a former SEC official, Lee Pickard, who says a rule change in 2004 led to the failure of Lehman Brothers, Bear Stearns, and Merrill Lynch.
The SEC allowed five firms — the three that have collapsed plus Goldman Sachs and Morgan Stanley — to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults.

Na gut, da hat die Bankenaufsicht halt versagt. Macht nichts, da lernen sie draus, und dann reparieren sie das wieder. Nicht wahr?

Making matters worse, according to Mr. Pickard, who helped write the original rule in 1975 as director of the SEC's trading and markets division, is a move by the SEC this month to further erode the restraints on surviving broker-dealers by withdrawing requirements that they maintain a certain level of rating from the ratings agencies.

Oops. (Danke, Uwe)

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