Fixing Financial Armageddon

Posted by: Bruce Lefavi in investment on Jun 19, 2009 Print PDF

Derivatives are the nuclear weapons of the financial world and the problem is that no one is regulating them. Just like nuclear power, good derivatives are great, and bad derivatives are financial Armageddon. People in are wielding these weapons without regard to how it will affect the economy, and that is why we are in this mess. Every time the SEC tries to go after these criminals, they are outgunned ineffective bureaucrats! Adding more of them is not the answer.

What is the answer? The government should hire the best independent firms out there from the private sector, who really understand what is going on, and pay them what they are worth to sort through the crap. Hire the best forensics accounting firms and law firms, to go in an audit these financial institutions. Give them the power to go after the crooks on Wall Street, and really make it hurt! Throw them in jail, take all of their money, and don't forget all the money they give away to friends and family. Take it all back! That is the only way to keep this from happening again.

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