Wimpy Goes to Washington
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by Bill Singer
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Wimpy Will Pay on Tuesday -- and Congress will likewise legislate.
Written: November 2, 2009
Regulating Wall Street by J. Wellington WimpyAs a youngster watching the Popeye cartoons on the old black-and-white TV with its bent rabbit ears, Wimpy cracked me up. I mean, geez, how stupid could all those folks be to fall for the same line over and over again? Nothing changed but it was always funny, just the same. Wimpy promised to pay Tuesday. He got his burger. He munched away in delight. Tuesday came and went but the debt was never repaid. Speaking of putting off Tuesdays of reckoning, the House Committee on Financial Services began consideration on Oct. 1, 2009, of the Discussion Draft of the Investor Protection Act of 2009. By Bill Singer, Attorney and publisher of http://BrokeAndBroker.com and http://RRBDLaw.com
BILL SINGER: Rep. Carolyn McCarthy, D., N.Y., offered an amendment to authorize a study of whether investment advisers should be subject to regulation by an SRO. The McCarthy amendment passed this hot potato to the SEC for investigation and anticipates a report within six months. Wimpy is smiling. There must be some 24 Tuesdays in those six months of SEC investigation and report drafting.
I see this aspect of the committee's legislative role as shameful--sorry, but strong words are required for such pusillanimous behavior.
Surely, there is enough information before the members of the Financial Services Committee as to whether self-regulation is a viable form of Wall Street regulation in this day and age. Forests of trees are now devastated to produce the paper on which self-serving studies and reports have been printed by both sides of the SRO debate. If you wish more than that, how about simply Googling that SRO query and sitting at a computer screen for several hours (if not days) as you plow through the massive number of hits?
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Just like pending health care legislation, increasing taxes, regulations: more legislative uncertainty. Rather than take risk and innovate, I’m going to earn less, pay less in taxes, and work on my golf game for now.