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Sunday, March 30, 2008

Pruning Sheers are OK but the Chainsaw was excessive

Recent News, the Bush administration wants to eliminate the Office of Thrift Supervision

The administration proposal would also consolidate the current scheme of bank regulation by shutting down the Office of Thrift Supervision and transferring its functions to the Office of the Comptroller of the Currency, which regulates nationally chartered banks.

banking regulators and bankers

Not so recent news. Said office went over the top in stupid press conference stunts.

Consider the press conference held on June 3, 2003 — just about the time subprime lending was starting to go wild — to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.

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