Panel Urges Overhaul of Wall St. Regulations

[DoYouEverWonder]

November 29, 2006

Saying it is concerned about a loss of American competitiveness, an independent committee will call on Thursday for a sweeping overhaul of securities market regulations.

It recommends making it harder for companies to be indicted by the government or sued by private lawyers, and urges policies to keep the Securities and Exchange Commission from adopting rules that impose high costs on business.

The committee, formed with the endorsement of Treasury Secretary Henry M. Paulson Jr., said the S.E.C. should be required to perform cost-benefit analyses on all rules before they are adopted. It said the S.E.C. should also take steps to rein in private securities litigation and adopt policies to shield corporate directors and auditors from some lawsuits.

With Congress soon to be under control of the Democrats, the report recommends changes that can be made without legislation. Even so, it remains unclear how much of the report will be adopted by the Treasury or the S.E.C. While the committee said its recommendations would help investors, they drew immediate criticism from one former member of the S.E.C., who said they would damage the commission and roll back needed regulation.

http://www.nytimes.com/2006/11/29/business/29cnd-regs.html?hp&ex=1164862800&en=47d3a2a1b976dd9f&ei=5094&partner=homepage


Sure here's a good idea, let's make it harder to indict these guys when they screw people.

[GreenPartyVoter]

1. Hmm, sounds like someone is worried about the Hill turning blue??

[HereSince1628]

2. Corporations want one final dividend from the K-street project.

This nation really needs to have it more difficult to get the Ken Lay's in court?

I wonder if they R's really want to run on THAT in 2008?

[IthinkThereforeIAM]

4. Shareholder lawsuit against Halliburton's/ IPO of KBR...

... affected by this? This has been discussed in other threads on DU in the past few weeks. I know they are two seperate issues, but for the most part they nail Cheney on bribery concerning Nigeria.

[AlamoDemoc]

3. said overhaul should also include WS's CEOs and CFOs salary cap, as well as corporate CEOs