from The Daily Bell
SEC taps Thomas J. Butler, Wall Street veteran, to oversee ratings agencies … Consumer advocacy groups voiced concern over the appointment Friday of a Wall Street veteran to be the chief overseer of credit-rating agencies, which were found by two government inquiries to have been major causes of the 2008 financial crisis. – McClatchy Newspapers
Dominant Social Theme: OK, great … let’s get those ratings agencies under control.
Free-Market Analysis: The SEC couldn’t regulate a paper bag. It was set up in the 1930s by global elites to give the appearance of a Wall Street cop without providing the reality.
It’s part of Washington’s larger dysfunction and is only notable because of its brief, which is to approve the various kinds of paperwork filed by Wall Street firms to inform the “public” of their deals.