A Biblical Take on Wall Street's Regulatory Reform

October 19, 2009

Meaningful reform is impossible within the outdated and corroded regulatory bodies we have now.

By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com

BILL SINGER: [F]our years ago, when NASD was hot on the trail of Stanford Financial and Bernie Madoff and all the other percolating frauds that were soon to erupt (What--you don't think that NASD or FINRA were hot on the trails? My, how cynical of you), that regulator decided to hire a director of its member regulations office. To give you just a tease of the nature of that job, consider this quote from the NASD job posting:

Major Purpose of Job:

The director, member relations, assists the vice president of member relations with all aspects of the department's operations including but not limited to--facilitate effective feedback loops between member firms and NASD departments to affect positive change.

No, not Fruit Loops but feedback loops. What are "feedback loops?" Oh, well now you're just getting silly. Everyone knows what feedback loops are and why you need to facilitate them in order to affect positive regulatory change. Say what? You don't speak the language of regulation? . . .

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