Hillary Clinton’s Wall Street Reform Plan Leaves Credit Rating Agencies Untouched
“Clinton’s vision of financial reform neglects one part of the industry everyone agrees was an essential factor in the 2008 crisis: the credit rating agencies, which assess the worthiness of Wall Street securities for investors,” writes David Dayen at The Intercept.
Hillary Clinton. (Patrick Semansky / AP)
“Clinton’s vision of financial reform neglects one part of the industry everyone agrees was an essential factor in the 2008 crisis: the credit rating agencies, which assess the worthiness of Wall Street securities for investors,” writes David Dayen at The Intercept.
Dayen continues:
Hillary Clinton’s response to Bernie Sanders’s plan to aggressively break up the big banks responsible for the financial crisis is to suggest that he is naive.
“My plan also goes beyond the biggest banks to include the whole financial sector,” Clinton wrote in a New York Times op-ed in December. “My plan is more comprehensive,” she said at the first Democratic debate in October — and for that reason, “frankly, it’s tougher.” […]
Sanders’s plan, released last week, would no longer allow the companies that issue securities to pick which rating agency they use — a simple but outrageous practice that creates an enormous conflict of interest and helps facilitate fraud.
The heart of Clinton’s pitch on Wall Street is that she recognizes all potential hazards. But there is not one word in her big reform plan about the rating agencies.
Read more here.
— Posted by Alexander Reed Kelly.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Its ruling on whether to make it easier for the president to fire the consumer financial law enforcement chief could affect other agencies.
A Business Roundtable statement about the purpose of corporations shows that ruling elites fear their crimes are coming back to haunt them.
The 43rd president—besides leaving the domestic economy in ruins—bequeathed a disastrous foreign policy.
The U.S. government is unnecessarily feeding the “financialized” economy in which money makes money without producing new goods and services.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.