Skip to comments.In Davos, regulators tell bankers new rules coming (Still no investigation of the Banking Queen)
Posted on 01/30/2010 9:14:53 AM PST by Libloather
In Davos, regulators tell bankers new rules coming
Saturday, January 30, 2010
By Angela Charlton and Bradley S. Klapper ASSOCIATED PRESS
DAVOS, Switzerland (AP) - Government regulators from the United States and Europe laid out their financial reform plans Saturday before a skeptical banking industry, asking financiers for input but adamant that change was coming with or without their support.
Emerging from the two-hour meeting as its unofficial spokesman, U.S. Representative Barney Frank made it clear that governments were now calling the shots after spending billions to bail out the industry.
Top bankers, by contrast, who came into this week's World Economic Forum buoyed by signs of economic recovery, left somewhat subdued even as they called the closed-door meeting constructive.
"No one got up and said, 'Don't regulate us,'" said Frank, a Massachusetts Democrat who heads the U.S. House Financial Services Committee. "It would have been a waste of their time if they did."
The event was not on the forum's official agenda, but quickly became the most significant development of the day. It also brought to mind some of Davos' previous high-profile conflict resolution efforts, including a Greek-Turkey accord to avoid war in 1988, as well as meetings between South African President F. W. de Klerk and the recently freed Nelson Mandela, and between Israel's then-Foreign Minister Shimon Peres and PLO Chairman Yasser Arafat.
"We are determined to do strong, sensible regulation," Frank said, rejecting any notion that President Barack Obama's administration could sink the economy again with too many new controls on the banking industry.
"That's nonsense," Frank told reporters. "What we're trying globally to recover from is a total lack of regulation."
(Excerpt) Read more at washingtontimes.com ...
Even for a Leftist this guy is a shameless liar. If we had any journlists left they would be playing the clips of Frank claiming back in 2004 (or so) that Republican attempt to regulate Fannie and Freddie Mac were "politically motivated"
They didn’t enforce existing regulations.
But its not about preventing this from occurring again. Its about control and their communist agenda.
Behold the fox declaring that the henhouse door was too open in the past, and that he will be guarding it personally from now on.