A poem for Obama's latest hand-picked Wall St. stooge, Mary Jo White

[ProSense]

19. Glad the NYT is calling this out, and the best part

To make matters worse, the S.E.C. proposal is weaker than the sound guidelines from the Commodity Futures Trading Commission, which oversees a larger swath of the derivatives market than the S.E.C. does. Disagreement among regulators now gives the banks and their Congressional allies in both parties renewed opportunity to shape final rules to their liking.

Meanwhile, the S.E.C. is about to consider a major rule governing hedge funds and other private companies that solicit investments from the public. Ms. White’s immediate predecessors supported an early proposal of the rule that, shockingly, did not include any specific investor protections. What is needed is a new proposal with the safeguards recommended by the S.E.C.’s own Investor Advisory Committee, including steps that nonpublic companies must take to verify the ability of investors to understand and absorb the risks in private offerings, and requirements that those companies disclose the data the S.E.C. will need to adequately police them. This is a critical test for Ms. White, who has yet to show that she supports stronger regulations.

...the other agency, headed by someone Obama "hand-picked," offered up "sound guidelines." Those are the rules that need to be pushed, and the actions of Congress should also be scrutinized.

This isn't a done deal, and it deserves exposure.