SEC Chairman (R) Admits Failure

(Community Matters) Faux conservatives exhortations aside, Christopher Cox, Chairman of the SEC, has conceeded their failure to regulate had resulted in the global financial crisis. “The failure of the Gramm-Leach-Bliley Act to give regulatory authority over investment bank holding companies to any agency of government was, based on the experience of the last several months, a costly mistake,” Mr. Cox said in his testimony [to the Senate banking committee].They are shutting down the voluntary supervision program, surprised that voluntary regulation doesn’t work. The SEC’s inspector general just released a report strongly criticizing their handling of Bear Stearns.