Lax Agency (OTS) that Caused USA's Financial Meltdown Finally Hits the Dust
Original post made by JL on Dec 14, 2011
Where have all of these awful OTS staff that did not perform actual oversight or financial management governance of the industry go? Are they still somewhere in the government? I hope not!!!
on Dec 14, 2011 at 11:22 am
JL....OTS did not "cause" the failures. Our politicians did. Washington is looking for a fall guy of sorts and OTS was it.
on Dec 14, 2011 at 11:36 am
Actually, according to the Washington Post article cited above, the employees and management of the OTS who failed to regulate the industry are those who failed. Where is their any mention of politicians?
Politicians may have had a hand in the S&Ls failures with their meddling via the Keating Five scandal from over 20 years ago, but this time, with this magnitude of failures and the resulting economic effects, the fault lies only with OTS's incompetent employees who failed to do their duty as regulators, but instead decided to become buddy buddy with the S&Ls they were charged to regulate.
on Dec 14, 2011 at 12:24 pm
JL, I read the article. I am not saying the OTC is not culpable. I am saying they did not cause the meltdown. The financial mess we live in and suffered threw in 2008 began back in the Clinton era. The repeal of Glass Steagall put the ball into play. There have been many greedy elements to this mess, everyone of them backed by a politician.
Have you read "Street Fighters"? I think you would find it interesting. Do you know anyone in the brokerage industry? Talk to them, get their take.