The special inspector general for Tarp worked in the subbasement of the Treasury Department. Watchdogs given an inconvenient, dank, dark, dirty and desolate office maybe won't stay long.
Despite the low number of prosecutions under Sarbanes-Oxley, crimes committed by banks have been punished with big fines. Too bad that's not enough to keep them from offending again.
London equals weak regulation. Self-regulation equals self-interested regulation. Libor is set in London, by banks, through self-regulation. Why all the shock and outrage when banks set it to suit themselves?
Simply stated, merchants have agreed the Visa/MasterCard interchange fee settlement resolves all past disputes and establishes a system that will govern payments in the future. Nothing remains for Congress, or anyone else, to address.
Shouldn't we want to preserve the benefits of being big, global and diversified if society can manage these banks' risk exposures and support their stabilizing effects on economic order?
The Small Business Lending Enhancement Act would let credit unions help small businesses and our economy without costing taxpayers a dime. Whether lifting the cap creates one job or 1,000, it would be a success.
