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The securities and exchange committee regulates wall street, but it would seem that the house is trying to take their legs out from underneath them by cutting their budget thereby taking away their ability to prosecute and enforce regulations.
You should read anything from the NYT very carefully. "cutting their budget" means keeping it at the same level as last year according to the NYT article.
Nice try, but the House is not cutting their budget. It stays at more than one billion dollars.
You should read anything from the NYT very carefully. "cutting their budget" means keeping it at the same level as last year according to the NYT article.
Nice try, but the House is not cutting their budget. It stays at more than one billion dollars.
You should have read more of the article. Although you are correct this is not an increase born by the taxpayers.
That’s because the S.E.C. isn’t financed by tax revenue, but rather by fees levied on those it regulates, which include all the big securities firms.
A little-noticed provision in Dodd-Frank mandates that those fees can’t exceed the S.E.C.’s budget. So cutting its requested budget by $222.5 million saves Wall Street the same amount, and means regulated firms will pay $136 million less in fiscal 2012 than they did the previous year, the S.E.C. projects.
Actually all of the big banks never failed and were forced to take TARP money with interest and paid it back.
It was the smaller banks that failed and it was lead by Barney Frank and other Democrats that pushed housing for EVERYONE without any ability to pay it back.
Actually all of the big banks never failed and were forced to take TARP money with interest and paid it back.
It was the smaller banks that failed and it was lead by Barney Frank and other Democrats that pushed housing for EVERYONE without any ability to pay it back.
Actually all of the big banks never failed and were forced to take TARP money with interest and paid it back.
It was the smaller banks that failed and it was lead by Barney Frank and other Democrats that pushed housing for EVERYONE without any ability to pay it back.
HaHa, big banks were forced by the govt. to take money. HaHa. What do these people smoke.
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