The Holes in Obama’s Wall Street Plan


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Published in The Daily Beast June 16, 2009 by William D. Cohan

The president unveiled his plan to regulate the financial industry on Wednesday, a blueprint full of lots of a good individual ideas. But, William D. Cohan says, it completely misses the consistent thread that prompted the economic collapse: Wall Street’s lack of accountability in the way it rewards itself.

As far as each individual proposal goes, it is hard to argue with the long-awaited Wall Street regulatory-overhaul plan that President Barack Obama and his two economic gurus, Larry Summers and Timothy Geithner, unveiled Wednesday after months of study, conversations, and roundtable discussions.

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