BrokeAndBroker's Bill Singer starts off with a devastating jab to the regulatory glass jaw, and then follows with a flurry of body blows. Here's how he opened the round -- click the link to see how the bout progressed.
Bill Singer: First off, it's not the regulations that failed. What failed were the regulators. We have plenty of sensible regulations on the books, but we also have many that were terribly drafted and even more that are enforced by regulators with either little understanding of the industry that they police or have been corrupted by its influence. I'm sorry but there is just no polite way to put that and, with so many lives devastated by failed regulation, it's time that we addressed this problem head on.
We need to update our regulations and approach to regulation, and that starts with recognizing that the three-tier system of Wall Street regulation (the Securities and Exchange Commission, the states and the Financial Industry Regulatory Authority) is too cumbersome, outdated and ineffective. We need to demand efficiencies within this overblown system that results in pre-emptive regulation and that provides the public with effective watchdogs.
As I often explain, the ultimate role of Wall Street's regulators is to protect the public from fraud and the industry from its own folly--by that measure, we have had abject failure. . .
To read the entire Intelligent Investing panel discussion, visit:
Finally, for another proposal on rebuilding the world's financial markets, consider this plan from Natalie Portman and Rashida Jones:
STREET'S LEADING ONLINE COMMUNITY