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OpEdNews Op Eds    H3'ed 4/27/10

A Genuine Financial Industry Reform Bill

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Author 40585
Message Ayesha Nariman
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April 25, 2010

The Dodd Financial Reform Bill, will not prevent financial Armageddon. It only states that when it occurs, we will have an orderly unwinding! This is a back-ended and not front-ended process.

Of course, the Republicans are using Orwellian Speak and trying to weaken the Bill, but Democrats should not be fooled that the Dodd Bill will work. Since, he is retiring from the Senate, Dodd could have written the definitive "TOO BIG TO FAIL - NEVER AGAIN" Bill, but he is either looking for a job in the banking Sector post retirement, or is clueless!

Here is what a "Never Again - Too Big to Fail" Bill or "Prevent the Next Great Depression" Bill should contain:

(1) we need to repeal Gramm-Leach Bliley and reinstate Glass-Steagall - separate Commercial banks from Investment banks for Insurance Cos.

(2) We need to STOP naked shorts and naked Credit Default Swaps (CDS), and all Derivatives should be conducted in full sunshine on an exchange.

(3) Rating Agencies need to be returned to their not-for-profit - utility status - i.e., remove their profit status, much like the FDA. The Commercial banks/Investment banks and Insurance Cos, need to pay the same fee to each of the rating Agencies - Moody's, S&P and Fitch for each Instrument that they need to have rated - no competition, and remove the profit motive.

A. F. Nariman

The Pragmatist


 

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Ayesha Nariman Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

I am originally from Bombay India, born 1948. I came to the US in 1974. I have two grown sons.

Post my divorce, I obtained an MBA from SUNY at Buffalo, in Financial Institutions & Markets. I own a Financial Planning Practice (as a (more...)
 
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