Why did the BUSH SEC hold back the broker rules?

[Rocko]

This is How the banks were able to roll all the sub prime into their mortgage securities without being caught doing it.


They had compliant Brokers

That's the dumbest thing I ever heard. Again, anyone selling any type of security had a licsence and worked in the most heavily regulated industy in the world. You're confused.

 

[TNHarley]

I am blaming the right. Is that not good enough for you? I dont think there would be "proof" of why they were held up. If there is "proof" why dont you post it besides opinion.
Oh and I made that thread in the FZ

do you think they would ANNOUNCE they planned to screw the American people?

So you are saying you want me to provide proof for something you wanted to hear, but you are saying ther eis no proof? Goddamn you are fuckin stupid. Cant let the truth get in the way of your hackness to argue with the non-left, ey?

 

[saveliberty]

Hiding behind the past, to protect Obama from the current reality. Until jobs return to prerecession numbers and wages catch up to inflation, there is NO recovery for the middle class.

you are not the authority on recovery

How would you define a middle class recovery then?

 

[Truthmatters]

McCainpedia | McCainpedia

 

[saveliberty]

Is this all the new and improved liberal board has to offer me? Debate with TM?

 

[Truthmatters]

I am blaming the right. Is that not good enough for you? I dont think there would be "proof" of why they were held up. If there is "proof" why dont you post it besides opinion.
Oh and I made that thread in the FZ

do you think they would ANNOUNCE they planned to screw the American people?

So you are saying you want me to provide proof for something you wanted to hear, but you are saying ther eis no proof? Goddamn you are fuckin stupid. Cant let the truth get in the way of your hackness to argue with the non-left, ey?

that is why I asked the question of why did the Bush SEC do this.

You cant find quotes from them on why they did it can you

 

[Truthmatters]

Is this all the new and improved liberal board has to offer me? Debate with TM?

becuase you have nothing to offer the debate you can go elsewhere

 

[TNHarley]

I guess TM is agreeing with me that it was right sided greed, but she still wants me to provide proof lol

 

[saveliberty]

McCainpedia | McCainpedia

I liked the part on the bottom of your partisan hack piece TM: Paid for by the Democratic National Committee -- 430 S. Capitol St. SE, Washington DC 20003.

 

[saveliberty]

Is this all the new and improved liberal board has to offer me? Debate with TM?

becuase you have nothing to offer the debate you can go elsewhere

Good enough to kick your debate ass from one end of this board to the other.

 

[Redfish]

do you think they would ANNOUNCE they planned to screw the American people?

So you are saying you want me to provide proof for something you wanted to hear, but you are saying ther eis no proof? Goddamn you are fuckin stupid. Cant let the truth get in the way of your hackness to argue with the non-left, ey?

that is why I asked the question of why did the Bush SEC do this.

You cant find quotes from them on why they did it can you

YO, TM. Bush is no longer president, neither is Clinton. So how about if we talk about the lies and incompetence of the current president?

How about if we talk about how he has increased the debt by more than all the previous presidents combined? How about talking about the FACT that more people are unemployed today than when he took office? more on foodstamps, more in poverty.

lets talk about his lies that under obamacare you can keep your insurance if you like it and your premiums will go down?

 

[Truthmatters]

Guide to Broker-Dealer Registration (April 2008)


Banks. Prior to the enactment of the "Gramm-Leach-Bliley Act" ("GLBA") in 1999, U.S. banks were excepted from the definitions of "broker" and "dealer" under the Act. The GLBA amended the Exchange Act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of Commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since October 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The Division of Trading and Markets has issued a special compliance guide for banks, entitled "Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules," which is available on the SEC's website at:

 

[Dubya]

The Commodity Futures Modernization Act of 2000 (CFMA) was also instrumental in allowing credit default swaps (CDSs) to be used to back those bonds. Phil Gramm (R-TX) was behind that act, too. You would think just having bonds sold with triple A ratings and then sold as junk bonds would be evidence enough that the SEC under Bush wasn't doing it's job. The people who defend any of this are just trying to save face and blame others for their fuck up.

 

[Soggy in NOLA]

Give us an answer to the question cali girl

You're such a fucking liar.

 

[g5000]

It has been a while since I read the FSMA and the CFMA. However, the FSMA (a.k.a. GLB) was given a kick in the ass toward passage when Citicorp merged with Travelers Group. This totally violated Glass-Steagall. And, as usual in modern times, the government did nothing about it. In fact, the government decided to accomodate this totally illegal merger by making it legal with the FSMA in 1999.

To say the broker-dealers were able to operate without any rules for eight years after that point is incorrect. The broker-dealers already existed, and were already regulated. The rules that had to be written were those which said who was allowed to be a broker dealer. The existing rules for broker-dealers were not eliminated by the FSMA.

I did post a unanimous SEC ruling made in 2004 which did waive net reserve requirements for the five biggest broker-dealers at the beginning of this topic. And that one ruling cost us way more than what Fannie and Freddie did. But that's another subject. I thought that was what this topic was going to be about.

Anyway...

Since the old rules forbade certain entities from offering broker dealer services, the FSMA said that some entities which had been forbidden would now be allowed. It took eight years to nail down who was allowed to be a broker dealer. It did not mean those broker dealers out there who were up and running were running unregulated.

that is all your words with NO proof that what your are saying is FACT.


Now since I dont take the words of some internets GUY as fact please provide for me any PROOF you have that what you say is indeed fact!

Sure!

Here you go: http://www.govtrack.us/congress/bills/106/s900/text

Now support your claim brokers were completely unregulated.

 

[saveliberty]

becuase you have nothing to offer the debate you can go elsewhere

Its the big answer from the left and this board isn't it? Just go away, we don't like what you're explaining to us. We don't accept your facts. Just please go away!!!

Not happening.

 

[Redfish]

The Commodity Futures Modernization Act of 2000 (CFMA) was also instrumental in allowing credit default swaps (CDSs) to be used to back those bonds. Phil Gramm (R-TX) was behind that act, too. You would think just having bonds sold with triple A ratings and then sold as junk bonds would be evidence enough that the SEC under Bush wasn't doing it's job. The people who defend any of this are just trying to save face and blame others for their fuck up.

Its history, fool. are you claiming that no democrats voted for it?

you Bush haters need to grow up and move on to what is happening today with the clown that you elected twice.

 

[Truthmatters]

Guide to Broker-Dealer Registration (April 2008)


Banks. Prior to the enactment of the "Gramm-Leach-Bliley Act" ("GLBA") in 1999, U.S. banks were excepted from the definitions of "broker" and "dealer" under the Act. The GLBA amended the Exchange Act, and banks now have certain targeted exceptions and exemptions from broker-dealer registration. Currently, as a result of Commission rulemaking, banks are undergoing a phase-in period for compliance with the new law. Since October 1, 2003, banks that buy and sell securities must consider whether they are "dealers" under the federal securities laws. The Division of Trading and Markets has issued a special compliance guide for banks, entitled "Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules," which is available on the SEC's website at:

The bank exceptions and exemptions only apply to banks, and not to related entities. It is important to note that exceptions applicable to banks under the Exchange Act, as amended by the GLBA, are not applicable to other entities, including bank subsidiaries and affiliates, that are not themselves banks. As such, subsidiaries and affiliates of banks that engage in broker-dealer activities are required to register as broker-dealers under the Act. Also, banks that act as municipal securities dealers or as government securities brokers or dealers continue to be required to register under the Act.

 

[g5000]

From the FSMA of 1999:

Subsections (c) and (d) shall not be construed to affect--

(1) the jurisdiction of the securities commission (or any agency or office performing like functions) of any State, under the laws of such State--

(A) to investigate and bring enforcement actions, consistent with section 18(c) of the Securities Act of 1933, with respect to fraud or deceit or unlawful conduct by any person, in connection with securities or securities transactions; or

(B) to require the registration of securities or the licensure or registration of brokers, dealers, or investment advisers (consistent with section 203A of the Investment Advisers Act of 1940), or the associated persons of a broker, dealer, or investment adviser (consistent with such section 203A); or

(2) State laws, regulations, orders, interpretations, or other actions of general applicability relating to the governance of corporations, partnerships, limited liability companies, or other business associations incorporated or formed under the laws of that State or domiciled in that State, or the applicability of the antitrust laws of any State or any State law that is similar to the antitrust laws if such laws, regulations, orders, interpretations, or other actions are not inconsistent with the purposes of this Act to authorize or permit certain affiliations and to remove barriers to such affiliations.

 

[Truthmatters]

The Commodity Futures Modernization Act of 2000 (CFMA) was also instrumental in allowing credit default swaps (CDSs) to be used to back those bonds. Phil Gramm (R-TX) was behind that act, too. You would think just having bonds sold with triple A ratings and then sold as junk bonds would be evidence enough that the SEC under Bush wasn't doing it's job. The people who defend any of this are just trying to save face and blame others for their fuck up.

Its history, fool. are you claiming that no democrats voted for it?

you Bush haters need to grow up and move on to what is happening today with the clown that you elected twice.

BECAUSE the broker rules would have made the differance.

Then the Bush SEC held them back for 8 years.

the same years this mess was built.


Then days before the broker rules were to be implimented Bush had to announce the economy was about to crash