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    F.D.I.C. Chief Criticizes Financial Reform Plan
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    That is the searing lesson of last fall.” Republicans attacked the plan, saying it would perpetuate many of the flawed policies of the last two years. "Even a cursory reading shows that the administration has chosen to continue its failed policy of costly taxpayer bailouts orchestrated behind closed doors by officials at the Treasury and the Federal Reserve" said Representative Spencer Bachus of Alabama, the senior Republican on the House Financial Services Committee. Full Article at The New York Times
    Even a cursory reading shows that the administration has chosen to continue its failed policy of costly taxpayer bailouts orchestrated behind closed doors by officials at the Treasury and the Federal Reserve
    – Spencer Bachus SOURCE: The New York Times 1 month ago
All quotes from:
F.D.I.C. Chief Criticizes Financial Reform Plan
  1. The Democrats’ talking points that their new proposal ends the era of too big to fail are just that talk ... Their proposal places taxpayers first in line to bear the losses when the government invokes its resolution authority. And for those who believe that those taxpayer losses will subsequently be re...
    SOURCE: The New York Times 1 month ago
  2. The penalties will be very severe
    SOURCE: The New York Times 1 month ago
  3. A prefunded Financial Company Resolution Fund has significant advantages over an ex-post funded system ... It allows all large firms to pay risk-based assessments into the Financial Company Resolution Fund, not just the survivors after any resolution, and it avoids the pro-cyclical nature of requiring r...
    SOURCE: The New York Times 1 month ago
  4. The current rules in place for our financial system are inadequate and outdated ... We have all experienced what happens when, during a crisis, the government is left with limited tools and limited choices. That is the searing lesson of last fall.
    Timothy F. Geithner – Timothy F. Geithner SOURCE: The New York Times 1 month ago

Recent Photos From The Wire

  1. Taiwan's former vice President Annette Lu holds Formosa Weekly titled "Taiwan's Nationalist Party and the Chinese Communist Party are tangoing to the tune of peaceful unification" and answers to media during a media event, Tuesday, Dec. 1, 2009, in Taipei, Taiwan. Lu on Tuesday blasted the government's policies of closer ties with China, but declined to say whether she herself would visit the mainland, underscoring her party's struggle to define its attitude toward Beijing.
  2. A torn and rotting glove is seen on the floor at the Union Carbide pesticide plant, 25 years after 40 tons of lethal methyl isocyanate (MIC) gas leaked from this same plant, in Bhopal, India, Tuesday, Dec. 1, 2009. The Bhopal industrial disaster killed about 4,000 people on the night of Dec. 3, 1984. The death toll over the next few years rose to 15,000, according to government estimates.
  3. Traditional Bihu dancers participate in an event to mark World AIDS Day in Gauhati, India, Tuesday, Dec. 1, 2009. Nearly 2.5 million people in India are infected with HIV, the AIDS virus, but talking about the disease and sexual health issues in general is still largely taboo.
  4. A security guard is silhouetted against defunct machinery at the Union Carbide pesticide plant, 25 years after 40 tons of lethal methyl isocyanate (MIC) gas leaked from this same plant, in Bhopal, India, Tuesday, Dec. 1, 2009. The Bhopal industrial disaster killed about 4,000 people on the night of Dec. 3, 1984. The death toll over the next few years rose to 15,000, according to government estimates.
  5. EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to report, film or take pictures in Tehran. An Iranian lawmaker welcomes Tehran Mayor Mohammad-Baqer Qalibaf (2nd L) at the Iranian Parliament during a ceremony to mark Parliament day in Tehran December 1, 2009.
  6. EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to report, film or take pictures in Tehran. Former Iranian Parliament speaker Gholamali Haddadadel (L), Head of the Guardian Council Ahmad Jannati (2nd L), Parliament speaker Ali Larijani (C) and Judiciary Chief Ayatollah Sadegh Larijani (4th L) sit at the Iranian Parliament while attending a ceremony to mark Parliament day in Tehran December 1, 2009.
  7. SHENYANG, CHINA-DECEMBER 01: People dressed in a condom costume to mark World AIDS day at business district on December 1, 2009 in Shenyang, Liaoning Province of China. Nationwide activities were held to welcome the World AIDS Day which falls on December 1.
  8. SHENYANG, CHINA-DECEMBER 01: People dressed in a condom costume to mark World AIDS day at business district on December 1, 2009 in Shenyang, Liaoning Province of China. Nationwide activities were held to welcome the World AIDS Day which falls on December 1.
  9. Nepalese activists sprinkle red dust to make a red ribbon formation, displaying their solidarity with people living with HIV and AIDS, in Katmandu, Nepal, Tuesday, Dec. 1, 2009. World AIDS Day is being marked across the world today.
  10. Window cleaners wipe windows of a building in Beijing, China, Tuesday, Dec. 1, 2009.
  11. YANGZHOU, CHINA - DECEMBER 01: Students of Yangzhou University show the red ribbons on their hands to make World AIDS day on December 1, 2009 in Yangzhou, Jiangsu Province of China. Nationwide activities were held to welcome the World AIDS Day which falls on December 1.
  12. A volunteer from the non-governmental organisation (NGO) Durbar Mahila Samanwaya Committee, dressed as a bride, sits in a palanquin (also known as palki), during an HIV/AIDS intervention awareness campaign to mark World AIDS Day in Kolkata December 1, 2009, to encourage couples to have blood tests before getting married and to remain faithful to their spouses.
  13. Actress Vera Farmiga, star of the new film "Up In The Air", poses at the film's premiere in Los Angeles, California, November 30, 2009.
  14. Security guards play cards on the roof of the former control room of the Union Carbide Corp pesticide plant in Bhopal December 1, 2009 which in December 1984 developed a toxic gas leak resulting in thousands of people dying in the aftermath. Local activists claim that many people who were exposed to the gas or by the use of contaminated water from near the factory have given birth to physically and mentally disabled children.
  15. Actor George Clooney, star of the film "Up In The Air", poses on the red carpet with girlfriend Elisabetta Canalis at the film's premiere in Los Angeles, California November 30, 2009.
  16. SYDNEY, AUSTRALIA - DECEMBER 01: John Daly practices on the 11th green during a practice round ahead of the Australian Open Golf Championship at New South Wales Golf Club, La Perouse on December 1, 2009 in Sydney, Australia.
  17. SYDNEY, AUSTRALIA - DECEMBER 01: Matthew Ballard of Australia plays an approach shot on the 5th hole during practice round ahead of the Australian Open Golf Championship at New South Wales Golf Club, La Perouse on December 1, 2009 in Sydney, Australia.
  18. SYDNEY, AUSTRALIA - DECEMBER 01: Matthew Ballard of Australia plays down the 5th fairway during a practice round ahead of the Australian Open Golf Championship at New South Wales Golf Club, La Perouse on December 1, 2009 in Sydney, Australia.