Posted by Larry Doyle on May 9th, 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. (more…)
Posted by Larry Doyle on June 14th, 2011 8:34 AM |
“We are a nation of laws and not of men.”
The above quote is widely credited to the second President of our great land, John Adams.
The life story of Adams is captured in a best selling book, “John Adams” written by David McCullough. The book garnered rave reviews and has served as a written historical monument to one of our nation’s founding fathers.
Adams may have been overshadowed by many of the other giants of his era, including Washington and Jefferson, but his measure has certainly stood the test of time.
In addition to the above referenced quote, McCullough highlights early in his book a statement Adams made to his bride Abigail.
“We live, my dear soul, in an age of trial. What will be the consequence, I know not.” (1774) (more…)