The SEC on April 28, 2004, when it allowed the US investment banks to substantially increase their leverage, it did so explicitly stating that “the consolidated computations of allowable capital and risk allowances [be] prepared in a form that is consistent with the Basel Standards”.

If there is anything that has guided the evolution of the current financial regulations, those that I have for so long sustained doomed the world to exactly the type of crisis we now have, that is the Basel Committee. Basel’s AAA-bomb was ignited on June 26 2004, when the G10 countries, which includes the US endorsed the revised capital framework for banks known as the Basel II standards.

Currently, in the over 1300 pages of financial regulations being discussed in the Congress, there is not one single reference to the Basel Committee or its standards. Can it be more surrealistic than that?

THOSE THAT FAIL TO LEARN FROM HISTORY ARE DOOMED TO REPEAT IT!!!

click on link to website and send to all of the U.S. Senate and U.S. Congress.

http://en.wikipedia.org/wiki/Glass%E2%80 %93Steagall_Act

Especialy look at paragraph in quotes.

We need more politicians like Carter Glass and Henry Steagall. They were obviously not bought and paid for by the lobbyists for the big commercial banks.

Might be better to just link to Thomas homepage which has the S 3271 highlighted.