All we need is more wise men

BBC NEWS | Business | US banking regulation ‘outdated’

“We’ve got a 21st century financial services marketplace and a 19th century regulatory model,” Mr Pitt says.

“I think we need much more capability in the hands of government to act decisively and smoothly when glitches in our markets occur to ensure there’s transparency, to ensure our regulators have real risk management capacity to spot trends and problems before they become crises,” he told BBC Business Daily.

That would be the Harvey Pitt for whom USA Today ran this sidebar at the time of his resignation:

Some of Harvey Pitt’s stumbles:
July: Pitt, apparently without consulting the White House, asks that the SEC be elevated to Cabinet status with a pay raise for the chairman.
Oct. 3: House Democrats criticize Pitt for reportedly meeting with the chairman of Goldman Sachs, which is under SEC investigation.
Oct. 9: Democratic leaders ask President Bush to remove Pitt, saying he is caving in to the accounting industry by opposing John H. Biggs as head of a new accounting oversight board.
Oct. 31: The SEC orders an investigation into the selection of William Webster to head the accounting board after reports that Pitt withheld information from other SEC commissioners about Webster’s involvement with a company now facing fraud charges.


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