This is a classic case of too little too late from the U.S. government. For a problem that was a clear and present danger to the United States years ago, the Bush administration took action Friday (November 14, 2008) to strengthen government oversight of derivatives trading and close the loopholes that have allowed these complex products to avoid scrutiny. The agencies signed a memorandum of understanding to close the loopholes in their oversight of the complex products that are at the heart of the recent financial market meltdown.
The action was taken by a working group made up of top officials from Treasury, the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. Some articles call these people ‘leaders’ but most Americans regard them as sleeping cronies with a political agenda, self interests, and no motivation to react in an intelligent timely manner.
A memorandum of understanding is just that – an understanding or agreement that something needs to be done in a coordinated manner. Nothing is said about a timely manner, or those key words most people look for, like ‘In the best interest of the American taxpayer.”