Friday, 20 February 2009

Deputy what?

This is so far beyond sarcasm that I am going to report it straight. Bloomberg tells us:
Former Securities and Exchange Commission member Annette Nazareth is the leading candidate to become deputy U.S. Treasury secretary, according to people familiar with the matter.

Nazareth ran the SEC division of market regulation... when it designed a program to monitor whether Wall Street’s five biggest securities firms had adequate capital and liquidity.
This program worked so well none of the five are around in their prior form: two are bankrupt, one was forced to sell itself in a hurry, and two turned themselves into banks. Truly failure is its own reward.

(OK, I lied about the sarcasm.)



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