A slew of regulators failed to connect the dots – sound familiar?

by

red-flag

US regulators ignored red flags on risk — GAO report

http://www.reuters.com/article/marketsNews/idUSN1837335420090318

The U.S. government’s hodgepodge of financial regulatory agencies failed to take a big-picture view of risk and ignored red flags in the current economic crisis, a government report said on Wednesday.

Regulators did not effectively address the weaknesses or in some cases fully appreciate their magnitude, until the institutions were stressed,” the U.S. Government Accountability Office said in its report.

“No regulator systematically looks across institutions to identify factors that could affect the overall financial system,” the report said.

A slew of regulators with differing responsibilities, including the Federal Reserve, the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corp and several others, in some cases did identify risk but did not act on it, the report said.

In some cases, regulators admitted they relied on corporate management’s descriptions of risk, including in the subprime mortgage area, according to the report.

Policymakers are considering giving increased authority to one regulator, possibly the Fed or FDIC, to be a systemic risk regulator that would have broad authority to monitor and manage risk across firms and products.

A subcommittee of the U.S. Senate’s Banking committee was scheduled to meet Wednesday afternoon to discuss the report and hear from officials at the SEC and other financial regulators.

From Bloomberg

Added: March 10, 2009

Fed Chairman Ben Bernanke Calls for Regulatory Reform, Including a Systemic Risk Regulator, Close Supervisory Oversight, and High Capital & Liquidity Standards; Further Analysis and Discussion with Dan Alpert of Westwood Capital Management; Bernanke Calls

71 Responses to “A slew of regulators failed to connect the dots – sound familiar?”

  1. rosettasister Says:

    To regulate or not to regulate?

    Tony Fratto’s View:

    [Yesterday], CNBC discussed a congressional proposal to create a systemic risk regulator for the financial industry.

    To analyze the feasibility and necessity of such a regulator, CNBC introduced one of its newest “contributors,” Tony Fratto, who most recently served as former President Bush’s Deputy Press Secretary.

    But rather than comment on the merits of the systemic risk regulatory plan, Fratto simply claimed that Congress is “dangerously” motivated to over regulate by a thirst for “vengeance” stemming from the current financial crisis.

    “To Discuss Financial Risk regulation, CNBC Turns To Bush Deputy Press Secretary”

  2. susiezen Says:

    hi

  3. Troy Says:

    A five minute audio clip of Rush L….This is great!!!

    http://obambi.wordpress.com/2009/03/18/rush-talks-about-the-kenya-boy/

  4. ddlew Says:

    Networks reluctantly shuffle for Obama speech

    Networks once again are pulling their shows over to the side of the road to make room for the lights and sirens of president Barack Obama’s latest primetime address.

    Obama will take to the air next Tuesday evening — bumping the most popular show on television, “American Idol.” Fulfilling their scheduling civic duty is starting to seem increasingly cumbersome to broadcasters, however. Between a struggling economy and ratings sagging in midseason, every interruption costs networks advertising dollars and momentum.

    “At a time when we’re struggling not only financially but to build audiences, this doesn’t help on either front,” one network executive said. “These repeated interruptions — and the rumor of even more to come — really make it difficult to build audience flow and loyalty. We will all lose one or two million dollars for this.”

    The presidential election resulted in a fall season regularly interrupted by political news coverage, followed by primetime inauguration coverage, then two primetime speeches since then about the economy.

    “I believe in the president and his policies, and as broadcasters we have a responsibility to provide the airtime,” said another network insider. “But these frequent primetime requests are wreaking serious havoc with our schedule and our advertisers. Ratings are down everywhere and the airtime is costing us all significant dollars when we can least afford it.”

    Here’s how the Big Four will juggle the speech:

    >> Fox is arguably the most impacted network and took the longest to agree to airing the speech. The network will move Tuesday’s two-hour performance episode of “Idol” to Wednesday, and the Wednesday episode to Thursday at 8 p.m. That preempts “Lie to Me” and “Bones” and puts mega-rated “Idol” against the mega-rated NCAA finals (which neither Fox nor CBS can be all that thrilled about).

    >> NBC will move Tuesday’s two-hour “Biggest Loser” to 9 p.m., preempting “Law & Order: SVU.”

    >> CBS likewise is dumping its 10 p.m. procedural (“Without a Trace”) and moving its two earlier dramas, “NCIS” and “The Mentalist,” forward an hour.

    — ABC normally airs a “Dancing With the Stars” recap show, which shouldn’t be a problem to preempt.

    http://www.thrfeed.com/2009/03/obama-speech-networks.html

  5. Troy Says:

    The only station that should be airing it is the “Comedy Channel” as that is where it belongs….If untold millions of viewers tune in to see it then they should take that as a hint and start a new broadcast station devoted to Obutthole and call it the “Travesty Channel”.

  6. LadyTexan Says:

    Katie,

    Thanks for that link to the Thomas Paine video. It’s exactly what I was looking for 🙂

  7. Katie Says:

    Troy Says:
    March 19, 2009 at 2:54 am

    The only station that should be airing it is the “Comedy Channel” as that is where it belongs….If untold millions of viewers tune in to see it then they should take that as a hint and start a new broadcast station devoted to Obutthole and call it the “Travesty Channel”.
    ~~~~~~~~~~~~~
    LMAO!! I actually spit at my monitor. Thanks for that image, Troy 😀

  8. Katie Says:

    LadyTexan – you’re very welcome 🙂

  9. Tenacity Says:

    It’s not polite to spit…since I’m shy, I just threw up on it.

  10. Katie Says:

    Wow! Did you know that Judge Andrew Napolitano interviewed Alex Jones today on his radio show? The NWO is no longer “fringe” but openly being discussed.

  11. Tenacity Says:

    I should of thought of that on Saturday when I was prematurely green. When my wife asked if I was alright (hugging the bowl), I should have said Obama was on again.

  12. Tenacity Says:

    should’ve ? Is it acceptable to blog phonetically?

  13. Katie Says:

    Tenacity – maybe this will help you cure the hurling…

    Back by popular demand…Obama’s Elf!!

  14. Tenacity Says:

    Don’t wanna be

  15. Tenacity Says:

    So Katie, tomorrow night…the meeting is on!

  16. Troy Says:

    Judge N. with Alex Jones is great news….I hope the judge will make it his new mission to expose and deliver the truth to the sheeple.

  17. Katie Says:

    Tenacity – it’s on my schedule!

    Speaking of tomorrow, this could be worth watching with some popcorn. Roasted nuts, anyone?

    http://www.washingtontimes.com/news/2009/mar/19/hill-panel-testimony-to-accuse-acorn-of-mob-tactic/

  18. Katie Says:

    And from the “you can’t make this stuff up” category…

    Union employees go on strike…against the union!!

    http://hotair.com/archives/2009/03/18/union-employees-go-on-strike-against-the-union/

  19. Troy Says:

    Katie Says:

    March 19, 2009 at 4:38 am
    Tenacity – it’s on my schedule!

    Speaking of tomorrow, this could be worth watching with some popcorn. Roasted nuts, anyone?

    http://www.washingtontimes.com/news/2009/mar/19/hill-panel-testimony-to-accuse-acorn-of-mob-tactic/
    *******************************************
    Great news!!!….It’s about damn time!!!

  20. Katie Says:

    Troy Says:
    March 19, 2009 at 4:49 am

    Great news!!!….It’s about damn time!!!
    ~~~~~~~~~~~~~~~~
    It’s so rare to get great news these days – we’ll take whatever we can get!

    G’night from me…I’ve got a big date with Tenacity tomorrow 😉

  21. susiezen Says:

    Obama on prime time again…really????
    man. he has absolutely no shame! does he really think that the America that voted for him {non news followers} want to watch him anymore? they are done with him!! it wasn’t enough to get these unpolitical people to even go out and vote, many for the first time in their lives!
    They are done now obama, nobody wants to see you anymore, dont you get it…and Im telling you, most everyone that will be tuning in, cant stand you….they’ll be watching just to see you lie again.

    How incredibly ARROGANT of this GODLESS man to think he needs to cut into the network televisions schedule, how much more can he do just rolling over America like the typical narcissistic ass that he is!!!
    When is America going to get sick of this hell monger of a man. If I watched American Idol, I would be appalled. NOT A SMART MOVE ON HIS PART< does he really think that the type of person who watches american idol want to watch the pres. bla bla bla

  22. susiezen Says:

    Oh I forgot…
    If your going through hell, keep going…..Winston

    By the way, a friend told me what she included in her daily prayer……Dear Lord, Please help the good people of this world to understand that Obama is a evil man trying to do harm to all that is good about America. He is hurting innocent children and family’s.
    I just wanted to share that with you…..maybe we to should all in unison say a prayer just like this.
    can you imagine if we promoted that idea…..get millions of people to stop what there doing at once and say this national prayer… im sue God would hear us all!!

  23. susiezen Says:

    The practices of accorn are so obvious…you do not have to watch fox news only to get the facts.
    It has been embarrassingly apparent that accorn used wildly corrupt manipulative, and unlawful ways to execute there agenda….Why is there a broad protection set up for this group. why are they untouchable. just like the mob, people are scared to death to cross this satan influenced gang bager group. if the are not stopped they will be the push democrats need to overthrow the Constitution and keep democrats in power for years to come….didnt accorn receive several BILLIONS of dollars from the stimulus!!! it money straight out of our pockets into the likes of palozi Reid Frank and the rest of the corrupt bunch. makes me sick!!

  24. Tucker82254 Says:

    US House passes HR1388 – The “Give” Act. Language includes “possible” mandatory civil service. Read it for yourself. Call and write your Senator and tell them to vote NO on this travesty to our civil freedoms!

    http://www.govtrack.us/congress/billtext.xpd?bill

    Title VI, Sec. 1604. Duties.

    (5) The effect on the Nation, on those who serve, and on the families of those who serve, if all individuals in the United States were expected to perform national service or were required to perform a certain amount of national service.

    (6) Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented in a manner that would strengthen the social fabric of the Nation and overcome civic challenges by bringing together people from diverse economic, ethnic, and educational backgrounds.

  25. Troy Says:

    Tucker82254 Says:

    March 19, 2009 at 2:17 pm
    US House passes HR1388 – The “Give” Act. Language includes “possible” mandatory civil service. Read it for yourself. Call and write your Senator and tell them to vote NO on this travesty to our civil freedoms!

    http://www.govtrack.us/congress/billtext.xpd?bill

    Title VI, Sec. 1604. Duties.

    (5) The effect on the Nation, on those who serve, and on the families of those who serve, if all individuals in the United States were expected to perform national service or were required to perform a certain amount of national service.

    (6) Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented in a manner that would strengthen the social fabric of the Nation and overcome civic challenges by bringing together people from diverse economic, ethnic, and educational backgrounds.
    **********************************************************
    They can just go ahead and show me my new home at my local FEMA camp, because I’m not going to serve on effing minute of service to the Piece of Shit in Chief….FUGOBAMA!!!!

  26. Tucker82254 Says:

    Troy,

    I’m in complete agreement with you. If anything will cause a revolution, this will be it.

  27. Troy Says:

    More Obama police state activity

    http://defendourfreedoms.us/2009/03/19/assault-on-our-1st-amendment-rights-to-critisize-idiot-judges.aspx

  28. Troy Says:

    Tucker82254 Says:

    March 19, 2009 at 2:55 pm
    Troy,

    I’m in complete agreement with you. If anything will cause a revolution, this will be it.
    **********************************************************
    Bring it on and let the good times roll!!!!

  29. Troy Says:

    A guide to understanding the braindead liberal mind…Great video.

    http://mypetjawa.mu.nu/archives/196873.php

  30. Troy Says:

    Obama just appointed his first ACORN judge

    http://spectator.org/blog/2009/03/17/acorns-federal-judge

  31. Troy Says:

    Palin is getting a boost….Sarahcuda 2012

    http://voices.washingtonpost.com/thefix/2009/03/palins_team.html

  32. sisterrosetta Says:

    Not home this morning

    Have a good day!

    Rose

  33. Katie Says:

    I love the implied conflict with Greta, her husband and Gov. Palin. Guess it’s okay for the Chief of Staff to have a weekly conference call w/ George Stephanopolis who does a weekly Sunday “news” show on ABC that happens to have an Exec. Producer who is married to Valerie Jarrett who works for the usurper.

    Yeah – that’s not a conflict.

  34. Katie Says:

    Rose – let us know how you son’s audition went when you can. Have a lovely day!

  35. Katie Says:

    Hey – the TOTUS (Teleprompter of the United States) has it’s own blog. Too funny!

    http://baracksteleprompter.blogspot.com/

  36. Fernley Girl Says:

    Did anyone notice Sec. 1710 of H.R. 1388? It requires a “Study to Evaluate the Effectiveness of a Centralized Electronic Citizenship Verification System”. The pilot program to begin in 18 months, $70,000,000 for FY 2010.

    Hmmm, should have registration in place for the 2012 election. Nice big database, computerized voting….looks like they want to know who you’re voting for. And then it’s off to a FEMA camp if you don’t vote for o.

    They’re calling it “The Corporation for National Community Service”.

    The arrogance of Washington is beyond my comprehension. It’s hard to believe they think we will submit to them.

  37. rosettasister Says:

    Freeper Thread:

    ACTION NEEDED! NATIONAL GIVE ACT H R 1388 Passed House 321-105/Now Goes to Senate

    http://www.freerepublic.com/focus/f-news/2210006/posts

  38. rosettasister Says:

    Lawyer ORLY TAITZ: Clerks withheld Obama citizenship case from justices?

    Part 1

    Part 2

    Part 3

    Part 4

    Part 5

    You can listen to the Rolleye James show here:

    http://www.rollye.net/listen.html

  39. Fernley Girl Says:

    My Rep, Dean Heller (R) voted for 1388. I called his D.C. office & told them I wanted a letter defending the reason he voted for that legislation. It was on barackobama.com and then change.gov…Mandatory Voluntary Service. I guess Heller been contaminated by ObamaThink. Turncoat. He lost my vote.

  40. rosettasister Says:

    To: cgk

    FYI, if you use GovTrack to get to the bill, you can link right to any offending sections you want to highlight.

    Example: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1388&version=rh&nid=t0%3Arh%3A2355

    26 posted on Thursday, March 19, 2009 10:20:23 AM by elc

  41. rosettasister Says:

    To: Myrddin

    Subsection E is perhaps the most frightening part, because it’s what they will no doubt make mandatory — the “National Civilian Community Corps”. There is wording in there that would make it possible for these corps to be used in response to uprisings and such. They don’t specifically mention it but the wording is vague enough that they could do it, and if History is any indicator we KNOW what Communists do with groups of “Civilians” such as this…

    Busy day, today, eh? I wonder what’s next on the agenda in the House suspension of jury trials, suspension of elections? Nothing would surprise me at this point… NOTHING.

    77 posted on Thursday, March 19, 2009 11:10:25 AM by LibertyRocks

  42. rosettasister Says:

    70 Republicans voted YES

    WTF is that!

  43. rosettasister Says:

    Katie Says:
    March 19, 2009 at 4:17 pm

    Rose – let us know how you son’s audition went when you can. Have a lovely day!

    —————–

    Katie, I spoke with him yesterday after the audition.

    He said the audition went well and he sounded well.

    He was showing a friend, a girl from Houston, around Manhattan.

    He knows where to get the best inexpensive food!

    He said Cirque had more auditions to do in more cities.

    So I don’t know when we’ll learn anything.

    Thank G-d he already has a good teaching position and a boss who loves him.

  44. rosettasister Says:

    I know this isn’t funny, but I couldn’t help myself!

    ——————–

    “This cannot pass.”

    No, let it pass. I have three leftie nephews who should get to learn about slave labor first hand. Then they might get a clue as to what FREEDOM is. Of course, I hope the Republicans take back congress in 2010 & repeal it.

  45. ddlew2 Says:

    http://anitamoncrief.blogspot.com/

    This is the former employer of ACORN that will be testifying on Capitol Hill as a Whistleblower against ACORN and their connection to the Obama campaign/administration.

    She posts internal memos to support her allegations.

  46. ddlew2 Says:

    oops! employEE of ACORN

  47. rosettasister Says:

    Apologies if already posted:

    House Passes Volunteerism Bill Critics Call Pricey, Forced Service

    The legislation will expand the1993 AmeriCorps program to match the renewed interest in national service since President Obama’s election, which backers say is crucial in tough economic times.

    http://www.foxnews.com/politics/2009/03/18/house-readies-passage-volunteerism-critics-pricey-forced-service/

  48. rosettasister Says:

    FoxNewsElectionHQ

    Critics charge President Obama’s climate plan costs three times original estimate

  49. Tenacity Says:

    Troy,
    Just for the record…ITYS

  50. Fernley Girl Says:

    Remember when o said we needed a civilian army as well-equipped and well-funded as our military? Why? Maybe so he can bypass the Posses Comitatus laws?

  51. rosettasister Says:

    FoxNewsElectionHQ

    Fiery debate over ACORN’s role in 2010 Census

  52. rosettasister Says:

    FoxNewsElectionHQ

    Is Sen. Chris Dodd partially responsible for the outrageous AIG bonuses?

  53. Tenacity Says:

    rosettasister Says:
    March 19, 2009 at 6:14 pm

    70 Republicans voted YES

    WTF is that!
    ****************
    That is a few too many to list…is there a link to name the names?

  54. rosettasister Says:

    Tenacity Says:
    March 19, 2009 at 6:42 pm

    ————————-

    Hi, Tenacity!

    Try here:

    Freeper Thread:

    ACTION NEEDED! NATIONAL GIVE ACT H R 1388 Passed House 321-105/Now Goes to Senate

    http://www.freerepublic.com/focus/f-news/2210006/posts

  55. rosettasister Says:

    Townhalldotcomblog

    A Little Rovian AIG Chalk-Talk Perspective

  56. Tenacity Says:

    Fernley Girl Says:
    March 19, 2009 at 6:38 pm

    Remember when o said we needed a civilian army as well-equipped and well-funded as our military? Why? Maybe so he can bypass the Posses Comitatus laws?
    ************************
    Remember Alinsky…In Kenya, he persuaded Odinga to enter into contracts with Muslims to come in and fight the Christians to create the necessary unrest. He needs to arm and grow ACORN to stir up/fight the true American Patriots. He needs to make us lose our cool to implement his plan (force recruitment on our children). Prayer, strength in numbers and common sense (poise) will prevail if we are vocal and keep educating the masses. We must destroy the Marxist NWO in the 2010 election, if we can hold out until then. We may not be left with that option and must be prepared to deal with whatever comes in the meantime. It’s time for the states to step up and support local citizens through the sovereignty bills and honest money legislation. We must organize in our local communities to stop the feds at our county and state lines. Anyone not supportive of the local citizenry gets run out on a rail. Tell them to keep their stinking worthless paper debt and stay the hell out!!!!!!!!!! Any politician that doesn’t support this philosophy should be recalled/FIRED Immediately!!!!

  57. jrh Says:

    Has any of you seen this video. I didn’t see it posted but may have missed it. It’s blood boiling and chilling at the same time. You don’t negotiate with this scum, you kill it.

    http://www.tangle.com/view_video.php?viewkey=0861ff3eabea1ceb73e4

  58. rosettasister Says:

    jrh Says:
    March 19, 2009 at 7:02 pm

    ———————

    Thanks for the link, jrh!

    MEMRI does a good job of keeping us informed. I wish I could say the same for our own “free press.”

    http://www.memri.org/

    http://www.memritv.org/

    http://www.thememriblog.org/

  59. rosettasister Says:

    “American Tea Party” song by Lloyd Marcus

    http://radiopatriot.blogspot.com/2009/03/orlando-tea-party-has-signature-song-to.html

  60. rosettasister Says:

    Lyrics:

    Mr President! Your stimulus is sure to bust Its just a socialistic scheme The only thing it will do Is kill the American Dream

    You wanna take from achievers Somehow you think that’s fair. And redistribute to those folks Who won’t get out of their easy chair.

    We’re havin’ a tea party across this land If you love this country Come on and join our band We’re standin’ up for freedom and liberty Cause patriots have shown us freedom ain’t free

    So when they call you a racist cause you disagree It just another of their dirty tricks to silence you and me. I believe in the Constitution and all it stands for. Anyone who tramples it should be booted out the door.

    We’re havin’ a tea party across this land If you love this country Come on and join our band We’re standin’ up for freedom and liberty Cause patriots have shown us freedom ain’t free

    Now we’re not advocating violence That’s what the so-called peace crowd do We’re talkin’ peaceful protest to defend the red, white and blue

    We gotta vote out these clowns who don’t love the USA Who stay up late loosing sleep fearing what the French might say

    We’re havin’ a tea party across this land If you love this country Come on and join our band We’re standin’ up for freedom and liberty Cause patriots have shown us freedom ain’t free

    We’re havin’ a tea party across this land If you love this country Come on and join our band We’re standin’ up for freedom and liberty Cause patriots have shown us freedom ain’t free

    Freedom ain’t free (Stand up for America) Freedom ain’t free (Gotta take a stand) Freedom ain’t free (Mr Obama) Freedom ain’t free (we work hard for our money) Freedom ain’t free (Don’t give it away) Freedom ain’t free (Save the day) Freedom ain’t free (Don’t go givin’ it away) Freedom ain’t free (It ain’t gonna work) Freedom ain’t free (Give back our freedom) Freedom ain’t free (Give back our liberty) Freedom ain’t free (I love my country) (fade out)

  61. rosettasister Says:

    Magnitude 7.9 – TONGA REGION

    http://earthquake.usgs.gov/eqcenter/recenteqsww/Quakes/us2009ejbr.php

  62. rosettasister Says:

    Massive earthquake hits Tonga, Tsunami warnings issued

    http://www.thaindian.com/newsportal/enviornment/massive-earthquake-hits-tonga-tsunami-warnings-issued_100168814.html

  63. Katie Says:

    Love the song! Don’t forget to bring your American flags to your Tea Party! http://www.taxdayteaparty.com

  64. rosettasister Says:

    BORN IN THE USA?

    Judge ripped for using blog eligibility hearsay

    Obama case lawyer says he’s entitled to birth certificate discovery hearing

    Posted: March 19, 2009
    12:40 am Eastern

    http://www.wnd.com/index.php?fa=PAGE.view&pageId=92149

  65. rosettasister Says:

    http://www.freerepublic.com/focus/news/2209187/posts?page=21#21

    http://www.freerepublic.com/focus/news/2209187/posts?page=65#65

    To: Calpernia

    It says right in the footer, this copy serves as “prima facie evidence.”.

    And, right below that it says “any alterations invalidate this certificate.” Being a Photoshopped image guarantees that in spades.

    65 posted on Wednesday, March 18, 2009 8:36:49 PM by Polarik

  66. rosettasister Says:

    You may want to follow earthquake/tsunami news here:

    http://www.freerepublic.com/focus/f-news/2210130/posts

    bbl

  67. patriotamy Says:

    I am soooo pi**ed at those idiots for passing this in the house. I have already written a letter to our reps. on my thoughts.

    I have emailed our senators and told them to vote NO.

  68. patriotamy Says:

    Oops, I meant to reference the GIVE bill HR1388.

  69. Troy Says:

    Judge ripped for using blog eligibility hearsay

    http://worldnetdaily.com/index.php?fa=PAGE.view&pageId=92149

  70. rosettasister Says:

    New Thread:

    https://rosettasister.wordpress.com/2009/03/19/if-i-only-could-%E2%80%A6/

  71. Hot News » Hr1388 Says:

    […] (Part 7) :: Liberty Maven…Anti-Idiotarian Rottweiler » Barry Obama: If you only had a brain….A slew of regulators failed to connect the dots – sound familiar? « Rosettasister’s We…H.R.1388 “The Give Act” Mein Führer Requires YOU to SERVE 3 Years « Conservative […]

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