{"id":9580,"date":"2009-08-20T17:07:03","date_gmt":"2009-08-21T00:07:03","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=9580"},"modified":"2009-08-20T17:07:03","modified_gmt":"2009-08-21T00:07:03","slug":"a-pig-with-lipstick-%e2%80%93-the-financial-services-oversight-council","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9580\/a-pig-with-lipstick-%e2%80%93-the-financial-services-oversight-council\/","title":{"rendered":"A Pig with Lipstick \u2013 The Financial Services Oversight Council"},"content":{"rendered":"

With the push to establish the Financial Services Oversight Council, is President Barack Obama just recycling flawed regulatory measures by reshuffling the current regulatory deck and coining it with fresh \u201cchanged\u201d names? From all indications, that is exactly what it appears; or to leverage one of the presidential campaign terms\u2026\u201dit\u2019s a pig with lipstick.\u201d<\/p>\n

In March of 2008, President Obama made a campaign speech at the Cooper Union in which he vociferated a need for a \u201cmodern regulatory scheme.\u201d In his speech to the black suit and red tie attendees in New York, he stated:<\/p>\n

“Old institutions cannot adequately oversee new practices. Old rules may not fit the roads where our economy is leading.” <\/em><\/p>\n

While most individuals would not disagree with his rather broad and all encompassing generic\/comprehensive statement, his actions have in fact been in conflict with what he stated. For example, under his leadership, the Public-Private Investment Program (P-PIP) and Temporary Asset Relief Program (TARP) have been directed and managed under the same regulatory bodies. In addition, the same antiquated or obsolete regulatory apothegms he referenced in his Cooper Union speech have also been extended to non-banking organizations such as Chrysler, GM and AIG.<\/p>\n

Whether you fall into the left, middle or right politically, each person must acknowledge Obama\u2019s abnegation to regenerate our regulatory structure, did not come to fruition when he announced his Financial Regulatory Reform Plan. Instead of constructing a fresh regulatory approach and foundation, he simply reconfigured the same regulators, coined new titles and utilized the same rules of regulatory application he had previously disqualified as antiquated in his Cooper Union speech.<\/p>\n

As part of the Financial Regulatory Reform Plan, Obama proposes the Treasury Department, Securities and Exchange Commission (SEC), Federal Reserve and Federal Deposit Insurance Commission (FDIC) plus four other agencies form what is labeled the Financial Services Oversight Council. The macro intent of The Council is to gather the identified regulatory agencies and have them work cooperatively to identify unsafe financial instruments and organizations systematically at risk. It is also tasked with providing direction to the Federal Reserve to help them identify Tier 1 Financial Holding Companies that Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With the push to establish the Financial Services Oversight Council, is President Barack Obama just recycling flawed regulatory measures by reshuffling the current regulatory deck and coining it with fresh \u201cchanged\u201d names? From all indications, that is exactly what it appears; or to leverage one of the presidential campaign terms\u2026\u201dit\u2019s a pig with lipstick.\u201d In […]<\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-9580","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":13891,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13891\/a-new-year-and-the-looting-of-the-american-people-continues-unabated\/","url_meta":{"origin":9580,"position":0},"title":"A new year and the looting of the American people continues unabated.","author":"Tom Johnson","date":"January 3, 2011","format":false,"excerpt":"BofA Settles GSE Buyback Requests for Pennies on the Dollar According to this MND article, Obama appointee, FHFA acting director Edward DeMarco just handed Ally bank, formerly GMAC Bank and Bank of America potentially a total $300 billion windfall. Freddie Mac and Fannie Mae, wholly owned subsidiaries of the US\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2011\/01\/http___www.maybachusa.com_graphics_gallery_maybach-laundalet_01-300x203.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7277,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7277\/tell-todd-carpenter-to-stand-down-the-social-media-marketing-institute-is-how-the-renet-will-be-sold-to-the-nar\/","url_meta":{"origin":9580,"position":1},"title":"Tell Todd Carpenter to stand down. “The Social Media Marketing Institute” is how the RE.net will be sold to the NAR.","author":"Greg Swann","date":"March 3, 2009","format":false,"excerpt":"As Monsignor Cecil used to say: Oh, my sweet, suffering Jesus... And in echoing that exhortation, I am doing something none of these \"experts\" can do in return: Giving them a link from a PR5 weblog. I would eviscerate the writing style on the web site, but it's too painful\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12890,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12890\/sometimes-ya-just-gotta-say-wtf-nutsville\/","url_meta":{"origin":9580,"position":2},"title":"Sometimes ya just gotta say, “WTF-nutsville?”","author":"Brian Brady","date":"August 11, 2010","format":false,"excerpt":"The Obama Adminstration's henchmen are whining about the proliferation of new media , in a Vanity Fair article and I just couldn't resist poking some fun at the irony of their complaints and the foreshadowing of the \"perfect business\" in an economy they \"design\" First, they bitch about the stamina\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10984,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10984\/battle-for-the-future-of-the-american-mind-jobs-versus-obama\/","url_meta":{"origin":9580,"position":3},"title":"Battle for the Future of the American Mind: Jobs versus Obama","author":"Greg Swann","date":"January 25, 2010","format":false,"excerpt":"Which will be bigger news on Thursday morning, President Barrack Obama's State of the Union speech or Steve Jobs' introduction of the Apple tablet computer?","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14062,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14062\/pope-obama-and-the-synod-of-commerce\/","url_meta":{"origin":9580,"position":4},"title":"Pope Obama and the Synod of Commerce","author":"Brian Brady","date":"February 7, 2011","format":false,"excerpt":"President Obama ventured into the enemy's lair today, channeling his inner Reagan.\u00a0 The message, designed to be benign towards industry, still included his sarcastic finger-wagging at the tycoons: \u201cI\u2019m here in the interest of being more neighborly,\u201d Obama said. \u201cMaybe if we\u2019d brought over a fruitcake when I first moved\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2536,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2536\/conforming-loan-limit-of-650000-fha-loan-limit-of-729000\/","url_meta":{"origin":9580,"position":5},"title":"Conforming Loan Limit of $650,000, FHA Loan Limit of $729,000","author":"Brian Brady","date":"January 24, 2008","format":false,"excerpt":"A conforming loan limit of $650,000 and an FHA loan limit of $729,000 are being telegraphed as part of the Economic Stimulus Package of 2008. 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