Watch Today 2-3pm: Cliff Asness on Crony Capitalism
Posted by Larry Doyle on May 9, 2013 7:31 AM |
In May 2010, financier Cliff Asness said in The Wall Street Journal that the Dodd-Frank Act was “perfectly designed to create the largest and most powerful crony system in history. It’s not that the people, regulator or regulated, are personally corrupt. It’s that the system will itself select for, reward and enforce corruption.”
I would not agree with a blanket assessment that all the regulators and regulated are not personally corrupt but I give Cliff Asness credit for going where few in the industry are willing to navigate.
I will be watching Asness this afternoon from 2-3pm EST talk at the American Enterprise Institute about the impact of Dodd Frank — er, that is, aka Fraud Dank here at Sense on Cents — and the state of competition in America’s financial markets.
Asness is not bashful. Recall his open letter, Appalled in Greenwich, CT, to President Obama in early 2010 railing on the President for generalizing in his vilification of those within the banking industry.
Asness has also spoken out forcefully in defense of the rule of law.
To view this discussion with Cliff Asness, simply go to this link for the American Enterprise Institute at 2pm. I would hope and expect that the conversation will be archived for those who would like to view it at your leisure.
I thank the regular reader who brought this event to my attention. I hope those who care about our markets, economy, and nation will share Asness’ presentation with your friends and colleagues.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.