The headline reads, "Regulate Me, Please."posted by Bill Arnett @ 1:38 PM Permalink … and I really like the comments made in this op-ed by Tom Wilson of Allstate Insurance from the NYT:
THERE are plenty of people singling out causes for the collapse of the financial markets, and conveniently, the source of the problem is usually someone else. But accountability lies with all of us — the insurance industry, regulators, banks and credit rating agencies. The insurance companies that wrote credit default swaps were happy not to be regulated. Insurance regulators didn’t expand their oversight to ensure the solvency of these companies. Banking regulators, banks and credit rating agencies did not properly assess the strength of issuers and readily accepted these complex derivatives.…How 'bout that? An insurance executive speaking up for American families and people.
Business and government leaders must avoid the trap of diminished expectations and continue to demand the best of ourselves and our fellow Americans. Millions of hard-working families are counting on us to get this right.
Perhaps miracles CAN happen once in a while.