19th century banking regulations

According to Harvey Pitt, SEC (securities and exchange commission) chairman until 2003, we have a 21st century financial services market place but a 19th century regulatory model. The collapse of several Wall Street banks has raised the critics on the SEC and on Mr. Cox, the current SEC chairman during the past weeks. According to Mr. Pitt he is doing a remarkable job by dealing with today’s problems on the financial markets. To prevent a next financial crisis in the future, governments desperately need more power to regulate the financial markets and ensure transparency so we can see problems before they become a crisis.

Raf Van Bulck
Source: BBC