New rules for underwriters of muni bonds

[Jhhnn]

http://www.nytimes.com/2012/05/05/b....html?nl=todaysheadlines&emc=edit_th_20120505

Every great scam needs a great set-up, and this should help avoid that part of the scenario.

Modern financial instruments are all too often like a deal with the Godfather- it's not a deal you can't refuse, but rather one you can't understand, and one where the motivations of the seller are entirely hidden.

 

[Craig234]

The boring, important regulation of the financial industry, where the public yawns but screams over the impact when it's not done.

It's funny, it basically is a war by some in the financial industry on the public - but by saying the phrase 'class warfare' they get many citizens to support the other side.

1. Schemers do schemes, get laws passed allowing scheming, lax enforcement
2. Citizens point out the corruption and damage
3. Schemers say "you are doing class warfare!"
4. Public says 'the schemers are the heroes! The job creators! Don't regulate them!'

The schemers then donate to superpacs who make ads about young Obama eating dogs.

 

[blackangst1]

:thumbsup:

 

[Double Trouble]

I have no issue with these regulations based on what I've read thusfar. The "wining and dining" provisions make complete sense, the taxpayers are currently getting socked with the bribery bills without even knowing it.

The reality is that municipalities are simply far out of their depth when dealing with the increasingly sophisticated financial instruments market. Creating a little clarity and reigning in some of the worst practices seems like a good idea.

 

[Jhhnn]

I have no issue with these regulations based on what I've read thusfar. The "wining and dining" provisions make complete sense, the taxpayers are currently getting socked with the bribery bills without even knowing it.

The reality is that municipalities are simply far out of their depth when dealing with the increasingly sophisticated financial instruments market. Creating a little clarity and reigning in some of the worst practices seems like a good idea.

Agreed. I was hoping that some of our libertarian anarcho-capitalists would offer up their opinions, but apparently not.