Apparently drudge broke that
Obama will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of 'sweeping plan to overhaul financial regulation',NY TIMES reporting Sunday, newsroom sources tell DRUDGE... Developing...
With a big red letter REGULATE!.
I say about damn time. For everyone who has lost their jobs, their 401k's, their child's college savings, Its about damn time. Theres not much in the story yet but from what it looks like is the Obama administration is going to take on directly the culture of greed and corruption in Wall Street. As Obama said on The Tonight Show
" Leno:I just read today about Merrill Lynch. They handed out $3.6 billion -- it's not even million anymore, it's billions in bonuses. I know it would make me feel good -- shouldn't somebody go to jail? I say that because I watch those people in New York, even people who had lost everything -- when Bernard Madoff went to jail, at least they felt they got something.
Obama: Right. They got some satisfaction. Here's the dirty little secret, though. Most of the stuff that got us into trouble was perfectly legal. And that is a sign of how much we've got to change our laws -- right? We were talking earlier about credit cards, and it's legal to charge somebody 30 percent on their credit card, and charge fees and so forth that people don't always know what they're getting into. So the answer is to deal with those laws in a way that gives the average consumer a break. When you buy a toaster, if it explodes in your face there's a law that says your toasters need to be safe. But when you get a credit card, or you get a mortgage, there's no law on the books that says if that explodes in your face financially, somehow you're going to be protected.
So this is -- the need for getting back to some common sense regulations -- there's nothing wrong with innovation in the financial markets. We want people to be successful; we want people to be able to make a profit. Banks are critical to our economy and we want credit to flow again. But we just want to make sure that there's enough regulatory common sense in place that ordinary Americans aren't taken advantage of, and taxpayers, after the fact, aren't taken advantage of.
Obama is completely right about it and that's why the financial system needs the largest reforms since FDR. They should first start by repealing the Gramm-Leach-Bliley Act and reinstating the Glass-Steagall Act. This is what helped us get into this mess by allowing companies like CITI to trade these derivatives and end up costing tax payers millions.
Sorry for the brevity of the diary will update when there is more info available.