Looking Back: What Has Changed?
Good morning! It has been almost exactly one year since the Lehman Brothers collapse. Although significant new laws and regulations are expected, we haven’t yet seen much from Congress. The Securities and Exchange Commission continues to highlight steps it has taken since the Madoff scheme became public. But what, really, has changed?
Over the weekend, the New York Times published an important article suggesting that the answer to that question is, not much. See http://www.nytimes.com/2009/09/12/business/12change.html?hp=&adxnnl=1&adxnnlx=1252919301-/EMSUg%20Z7xpVPMvV3mfrMw&pagewanted=all.
Financial fraud of course has continued over the past year – just look at some of the stories we discuss on a daily basis in this blog – and will persist, no matter what regulatory changes ensue. We expect the focus in Washington will turn back to changes to the financial system once a health care reform bill is enacted. This fall and early next year (an election year) are likely to yield substantial new developments in this area.
Let us know if you agree, or not.
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