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The Sellout: How government encouraged Wall Street’s risk-taking

By Vince Thompson | Nov 19, 2009 |

In this MoneyWatch exclusive, editor-at-large Jill Schlesinger, spends some time with award-winning financial journalist and reporter Charles Gasparino. Gasparino, in his new book, The Sellout, shows how 30 years of misteps by Wall Street and government agencies lead to the financial crisis. In fact…Gasparino believes that the government actually enticed Wall Street’s risk-taking. Gasparino goes on to argue, that given repeated missteps, the SEC should shut be down and the policing powers should be given to another government agency such as the FBI.

 
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  •  
    1

    montrose

    11/19/09 | Report as spam

    RE: The Sellout: How government encouraged Wall Street's risk-taking

    Re-install Glass-Steagall.

  •  
    2

    donnydo77@...

    11/19/09 | Report as spam

    Problems Resulting From the CFTA of 2000

    Commodity Futures Modernization Act of 2000
    Another contributor as soon as it was signed into law. Continues to be misused only to present problems and unless addressed will cause future fiascoes.
    The leverage allowed, modeling, and obfuscation that distorts value is problematic, absurdly disastrous, and should be unlawful. Should be regulated to require backing by tangible assets and transparency.

  •  
    3

    donnydo77@...

    11/19/09 | Report as spam

    SEC Appointments & Faces

    Needs to be considered for industry insiders and enablers. Inspections, investigations, pursuit of justice should be paramount but appointments and understaffing are squelching these pursuits.
    Now that the risk is socialized, self-regulation has proven impossible and unthinkable. More perps need to be walked.

    Btw, the description provided to several of the faces was too kind especially Jimmy Cayne. That is one careless (clueless?) and repulsive figure.

  •  
    4

    psquare11

    11/19/09 | Report as spam

    RE: The Sellout: How government encouraged Wall Street's risk-taking

    And who were the regulators? And why did they fail? This is only half a story.

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