SEC Chairman Christopher Cox Finally Realizes The Problem With Deregulation | ThinkProgress: "Yesterday, the Senate Banking Committee held a hearing on the Bush administration’s proposed $700 billion bailout plan. During the hearing, Christopher Cox, Chairman of the Securities and Exchange Commission (SEC), testified that deregulation was a cause of the current financial crisis, including a “regulatory hole” in the credit swap market:
There is another similar regulatory hole that must be immediately addressed to avoid similar consequences. The $58 trillion national market in credit default swaps — double the amount outstanding in 2006 — is regulated by no one. Neither the SEC nor any regulator has authority over the CDS market, even to require minimal disclosure to the market."
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