Comments on: U.S. financial reform is still a matter of faith

By: Gotthardbahn

Gotthardbahn — Tue, 20 Apr 2010 14:02:01 +0000

JJWest: Praise from the IMF should usually be regarded with suspicion. That said, adapting the Canadian banking system to America might be more difficult than imagined. Canada’s banking system is dominated by five very large institutions that operate everywhere in the Dominion, followed by some regional banks and a large number of very small local credit unions. Some international banks – chiefly HSBC – have a strong presence here as well. Would Americans be happy with a small number of gigantic banks – they’d have to be gigantic to cover all of the US – dominating the landscape? What about too big to fail? I think the real key would be simplifying regulation. Canadian banks, all of them, are overseen by one federal regulator only, the Office of the Supervisor of Financial Institutions (OSFI). That’s it. Nothing at the provincial level. On the other hand, American banks are overseen by the Fed and what appears to be a confusing array of federal and state regulators, all with their own budgets and turfs to protect. Would these groups willingly give up their poweer and perqs to simplify and strengthen bank regulation at the federal level? That, I believe, is the real problem, one not given to populist speech-making.

By: JJWest

JJWest — Tue, 20 Apr 2010 05:01:04 +0000

Canada was voted by the IMF as having the best banking system in the WORLD. Why doesn’t the USA just adapt the straight-forward and non-partisan rules that Canada has in place, and work, so we can move forward. Why are we always trying to re-invent the wheel — only to have the wheels fall off our economy every few years. Sooner rather than later the world is going to permanently turn its back on the fraudulent financial products coming out of the USA.

By: Anna123

Anna123 — Tue, 20 Apr 2010 03:30:35 +0000

I do not think the so called educated who run these so called financial institutions should be allowed to continue running them.
There is no need for a program, billions to be squandered,Tsars, or some useless legislation that does not benefit “We the People.”
These executives should have the same scrutiny a $5.00 an hour employee has to to tolerate.
I think people who steal should go to prison.

By: bigkirb1

bigkirb1 — Mon, 19 Apr 2010 22:59:14 +0000

How can any bill written by Senator, I am a bank puppet, Dodd be called reform?

Giving the appointed crooks at the federal reserve more power is reform?

What happened to the provision for auditing the federal reserve?

And speaking of the Goldman/JP Morgan Chase frauds – they all lead back to treasury and interest rate frauds being conducted by you guessed it – the federal reserve.

This so called financial reform is even more unconstitutional than the health tax bill that this criminal government shoved down our throats.

They are in hurry to pass this crud because they know that they are going to get their hats handed to them in November.

Nonsense, real financial reform begins with auditing the federal reserve!

By: charle

charle — Mon, 19 Apr 2010 22:46:24 +0000

Before Washington tackles reform on Wall Street ,they should reform themselves.