Obama to Mark Lehman Collapse With Push for New Financial Rules

Source: Bloomberg

Sept. 13 (Bloomberg) -- President Barack Obama, speaking a year after Lehman Brothers Holdings Inc.’s collapse, plans to outline his plan to wind down government involvement in the financial sector and lay out a case for immediate action on overhauling the industry’s regulations.

At Federal Hall in New York City, Obama tomorrow will urge the financial community to support new financial rules and avoid a return to practices of the past that led to the current financial crisis, and emphasize the need for global coordination on financial oversight, according to an administration official speaking on the condition of anonymity.

“This is the year, after what has happened, to overhaul the system of financial regulation,” White House economic adviser Lawrence Summers told reporters last week.

Lehman’s filing for bankruptcy on Monday, Sept. 15, 2008, helped trigger a global financial crisis that led to more than $1.6 trillion in losses and write downs by financial institutions and unprecedented government interventions in banking, insurance and auto industries. The government bailouts, in turn, have stirred public anger, rippling beyond the financial system.

Read more: http://www.bloomberg.com/apps/news?pid=20601091&sid=awxwxm1J5rL4

The cops and feds would be all over them if they tried swindles that big, and cost so many lives.

Mafia serves capitalists --

The phony Drug War couldn't go on without corruption of high government officials

and police enforcement.

The world's largest economies have spent $10,000 for every person in a bid to fix the financial meltdown of the past year.

New calculations by the BBC, based on IMF data given to G20 finance ministers, shows these countries have spent a total of $10 trillion (£6tn).

http://news.bbc.co.uk/1/hi/business/8248434.stm

We let our working class rot, while saving the heinies of those who are helping to wreck the working class.

Priorities, indeed...

sound too immediate. I really can't believe that nothing's been done about this yet - we've not heard the first proposal from either side of Congress, the White House.

But I agree. TARP without STRICT regulation was a HUGE mistake.

I hope Chris has the brass ones needed to reign them in.

if you have no justice department going after those who break the rules

then the rules are ruthless

ENFORCEMENT

... instead of trying to push through healthcare legislation that will take 4 years to implement, then he'd likely have a lot more support for his healthcare proposals. The vast majority of America is much angrier about the economy than they are about the state of healthcare.

Getting elected != political capital. Political capital comes through accomplishing actual goals once you have the seat of power to do so. Governance is not simply a checklist.