The Back Alley Archives

Even in a centrally cleared market, however, it will be difficult for investors to track which firms end up holding the counterparty risks embedded in tradable derivatives. That's why Geithner wants to give regulators the authority to privately view firms' books and monitor traders' risk management.

http://money.cnn.com/2009/04/07/news/big.bang.fortune/index.htm?postversion=2009040715

What the fuck ever, man. I don't even have words for the utter stupidity. Can't wait until Geithner flames out. Hopefully he takes Obama down with him.

No reason for the gubbmint to "privately" view anyone's shit. At that point the companies are public entities, if they are risking enough to warrant such tight oversight. Publish that shit for the fucking minions to see you FUCKING OLIGARCHS.

perhaps if we hadn't had oversight and regulation meticulously gutted over the past 30 years we would be better off?

Without a doubt. We've also suffered from obvious regulatory capture with the financial system and its regulators.