Monday, October 22, 2007

Why We Need Federalism

"One of the sharpest attacks on Wall Street these days is coming from the Midwest. ... Ohio Attorney General Marc Dann ... is focusing on how investment banks packaged mortgages into securities and how credit-rating companies ... evaluated those securities. ... Dann ... says he is trying to full a void left by federal regulators, who he says haven't thoroughly probed how mortgages were turned into securities and sold to investors", WSJ, 8 October.

It is too difficult for Wall Street to control all the 50 state Attorneys General in addition to the federal regulators. Viva federalism.

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