The SEC Finds a Solution to Market Woes — Hokum
By Gary Weiss (bio)
Chris Cox today earned his pay as SEC chairman — proving that he is exceeded only by his predecessor from the 1990s, Arthur Levitt, at making grand gestures that actually mean little.
Today he told the Senate Banking Committee that he is instituting a “pre-borrow” requirement for short-selling Fannie Mae and Freddie Mac, the big mortgage wholesalers that are in deep trouble.
The media is playing it up. But it is really a lot of hokum.
Read on. . .
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