In a letter to Senate majority leader Harry Reid and minority leader Mitch McConnell, luminaries including former SEC Chief Accountant Lynn Turner, former Labor Secretary Robert Reich, hedge fund owner Jim Chanos, former Lehman Brothers Vice Chair Peter Solomon, former S&L investigator Bill Black, former Senate Banking Committee Chief Economist Rob Johnson, economists Dean Baker, Barry Eichengreen and others
http://www.huffingtonpost.com/2010/04/20/exclusive-dem-insiders-ec_n_544187.html">pointed out that Dodd’s proposed financial reform legislation wouldn’t have prevented the current crisis … and won’t prevent the next crisis.
Dodd himself has
http://www.washingtonsblog.com/2010/03/everything-you-need-to-know-about-dodds.html">admitted that his bill “will not stop the next crisis from coming”.
The bill
http://www.huffingtonpost.com/simon-johnson/senator-which-part-of-too_b_514293.html">won’t break up or reduce the size of too big to fail banks,
http://www.huffingtonpost.com/john-standerfer/dodd-bill-sets-up-america_b_516553.html">won’t remove the massive government guarantees to the giant banks, and
http://www.bloomberg.com/apps/news?pid=20601109&sid=aN8ApDdiCwcA&pos=12">won’t even increase liquidity requirements to prevent future meltdowns.
Moreover – as Simon Johnson
http://www.huffingtonpost.com/simon-johnson/fix-the-dodd-bill-use-the_b_532802.html">notes – the bill intentionally doesn’t have much in the way of specifics, but just pushes off on regulators the ability to crack down on Wall Street in the future. As Johnson notes, this is a recipe for continued failure to rein in Wall Street.
http://www.nakedcapitalism.com/2010/04/guest-post-dodd-financial-reform-bill-is-all-holes-and-no-cheese.html">more
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