레이블이 Special Order Decision Accounting인 게시물을 표시합니다. 모든 게시물 표시
레이블이 Special Order Decision Accounting인 게시물을 표시합니다. 모든 게시물 표시

2013년 12월 1일 일요일

About 'accounting for decision makers'|...president ought to take account of the deep beliefs... as independent decision makers who follow an interpretive...When Romney ran for governor, he made a commitment...







About 'accounting for decision makers'|...president ought to take account of the deep beliefs... as independent decision makers who follow an interpretive...When Romney ran for governor, he made a commitment...








November               9,               2008               Mr.

Vikram               Pandit,               CEO               Citigroup               399               Park               Avenue               New               York,               NY               10043
               Dear               Mr.

Pandit,
               The               Sisters               of               Charity               of               Saint               Elizabeth               are               concerned               about               the               current               fiscal               crisis,               its               effect               on               world-wide               communities               and               our               Company's               response               to               this               critical               situation.

We               believe               the               global               financial               crisis               requires               major               changes               in               lending               practices               by               our               Company.

Therefore,               the               Sisters               of               Charity               of               Saint               Elizabeth               request               the               Board               of               Directors               to               adopt               the               Eurodad               Principles               for               responsible               lending               as               described               in               the               attached               proposal.
               The               Sisters               of               Charity               of               Saint               Elizabeth               are               beneficial               owners               of               300               shares               of               stock.

Under               separate               cover,               you               will               receive               proof               of               ownership.

We               will               retain               shares               through               the               annual               meeting.
               I               have               been               authorized               to               notify               you               of               our               intention               to               file               this               resolution               for               consideration               by               the               stockholders               at               the               next               annual               meeting               and               I               hereby               submit               it               for               inclusion               in               the               proxy               statement,               in               accordance               with               rule               14a-8               of               the               General               Rules               and               Regulations               of               the               Securities               Act               of               1934.
               If               you               should,               for               any               reason,               desire               to               oppose               the               adoption               of               this               proposal               by               the               stockholders,               please               include               in               the               corporation's               proxy               material               the               attached               statement               of               the               security               holder,               submitted               in               support               of               this               proposal,               as               required               by               the               aforesaid               rules               and               regulations.
               Sincerely,
               Sister               Barbara               Aires,               SC
               Coordinator               of               Corporate               Responsibility
               Howdy               Folks,
               At               the               risk               of               sounding               like               somebody               with               a               cause               (Mea               culpa;               translation--               Yup,               I'm               busted!),               I               came               across               this               disturbing               side               effect               of               the               economic               meltdown.
               The               following               URL               takes               you               to               a               pdf               document               that               is               63               pages               long.

Much               of               it               is               repetition               of               documents               sent               to               citi               by               the               good               people               listed               in               the               Subject:               of               this               request               for               you               to               make               your               thoughts               known               to               the               SEC               http://www.sec.gov/index.htm               and               your               elected               officials               http://www.usa.gov/Contact/Elected.shtml.

(Mea               maxima               culpa;               translation--Yup,
               I'm               so-o-o               busted!)
               The               first               26/63               pages               are               the               requests               for               this               to               be               included               in               Citi's               agenda               (and               their               responses)               and               the               last               37/63               pages               are               the               Eurodad               charter,               itself.
               http://www.sec.gov/rules/ic/2008/sistersofcharity121908-14a8-incoming.pdf
               The               following               are               excerpts               from               these               communications.

Perhaps               they               will               convey               the               sense               of               urgency,               which               prompted               me               to               speak               out,               to               you               as               well.
               "By               copy               of               this               letter               and               the               enclosed               material,               Citigroup               Inc.

is               notifying               the               Proponent               of               Citigroup               Inc.'s               intention               to               omit               the               Proposal               from               the               Proxy               Materials.

Citigroup               Inc.

currently               plans               to               file               its               definitive               Proxy               Materials               with               the               Securities               and               Exchange               Commission               on               or               about               March               13,               2009.
               (THE               PROPOSAL               MAY               BE               OMITTED               UNDER               RULE               14a-8(i)(7)               BECAUSE               IT               REQUESTS               THAT               THE               COl\1PANY               ADOPT               THE               CHARTER               ON               RESPONSIBLE               FINANCING               WHICH               (i)               WOULD               DICTATE               ITS               LENDING               PRACTICES               (ii)               SEEKS               TO               GOVERN               INTERNAL               BUSINESS               PRACTICES               AND               (iii)               DICTATES               DISCLOSURE,               ALL               OF               WHICH               ARE               MATTERS               THAT               RELATE               TO               THE               COl\1PANY'S               ORDINARY               BUSINESS               OPERATIONS               )               "               ...like               THAT               has               done               a               great               lot               to               improve               Americans'               lives               over               the               last               20               years,               or               America's               position               in               world               opinion               over               the               last               10               years";               Dan               Kester               a.k.a.

uncletumbleweed               ....
               Part               of               Citi's               response               expresses               the               cavalier               attitude               they               have               exhibited               since               they               began               lobbying               for               The               Gramm-Leach-Bliley               Financial               Modernization               Act               of               1999               (signed               into               law               in               2000)               and               the               Commodity               Futures               Modernization               Act               (               signed               into               law               in               Jan.2001               after               being               passed               as               an               add-on               to               other               legislation               in               the               last               vote               of               the               last               meeting               of               the               last               session               of               Congress               before               William               J.

Clinton               left               office.)
               Oh               yes...

it               is               real               hard               to               find               and               it               does               provide               exemptions               AND               exclusions               from               oversight               by               the               SEC               and               the               Commodity               Futures               Trading               Commission               which               has               permitted               the               bundling               of,               and               trading               of,               the               toxic               assets               causing               our               current               crisis!
               This               is               from               Citi's               response               to               the               SEC               regarding               The               Sisters               of               Charity's               proposal:
               "Unlike               recent               years,               where               proposals               related               to               tobacco,               executive               compensation,               environmental               protection,               and               affirmative               action               and               employment               matters               have               been               found               to               raise               significant               policy               concerns,               the               subject               matter               of               the               Proposal               has               not               attracted               a               comparative               level               of               attention               from               the               media,               a               significant               degree               of               public               concern,               nor               has               there               been               a               significant               increase               in               legislative               and/or               regulatory               initiatives               undertaken               in               relation               to               the               issue.

Again,               while               the               Proposal               raises               noteworthy               issues,               it               simply               does               not               raise               significant               policy               concerns               that               warrant               the               Staff               overriding               a               matter               that               is               clearly               related               to               the               ordinary               business               of               the               Company."
               Q:               OK,               can               we               give               it               some               attention?
               A:               Yes...we               can!
               Many               of               these               changes               are               the               direct               result               of               City,               Morgan-Stanley,               BOA,               Goldman-Sachs,               (who               gave               US               Robert               Rubin,               Henry               Paulson               and               many               other               'decision               makers'               of               doubtful               sincerity:               personal               opinion...uncletumbleweed),               and               others               involved               in               the               BAILOUT!
               I               believe               America               does               need               to               speak               out               to               the               SEC,               the               President,               House               of               Representatives,               and               the               Senate               on               the               need               for               Citi               to               let               their               stockholders               know               what               they               have               done,               and               that               "The               Staff               "               needs               oversight....immediately.
               Let's               look               at               legislation               introduced               in               1999               (The               year               that               "Financial               Modernization"               became               popular.)               Coincidentally,               soon               enough               to               get               legislation               passed,               and               signed               into               law,               before               a               new               president               was               elected               and               sworn               in.

January               of               2001.
               These               first               two               are               my               favorites,               selected               with               20/10               hindsight,               after               perusing               100/134               pieces               of               legislation               submitted               in               1999.

Gold               medals               awarded               to               a               man               of               "outstanding               and               enduring               contributions               to               individual               freedom               and               opportunity               in               American               society               through               his               exhaustive               research               and               teaching               of               economics,               and               his               extensive               writings               on               economics               and               public               policy"               ...

and               to               the               gentleman               who               taught               all               of               us               there               is               a               little               of               "Charlie               Brown"               everywhere               you               look!

(;-)               
               (Keep               these               two               in               mind               as               we               begin               our               journey               through               1999               and               tell               me               later               if               (a)               this               is               really               ironic               (b)               Bill               Clinton               was               showing               off               (c)               the               105th               Congress               accidentally               did               something               that               did               not               hurt               America               (d)               all               of               the               above               ,               or               (e)               you               see               some               sort               of               pattern               here               that               might               suggest               collusion.
               [               88.S.1971               :               A               bill               to               authorize               the               President               to               award               a               gold               medal               on               behalf               of               the               Congress               to               Milton               Friedman,               in               recognition               of               his               outstanding               and               enduring               contributions               to               individual               freedom               and               opportunity               in               American               society               through               his               exhaustive               research               and               teaching               of               economics,               and               his               extensive               writings               on               economics               and               public               policy.


               Sponsor:Sen               Gramm,               Phil               [TX]               (introduced               11/19/1999)               Cosponsors               (69)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs;               House               Banking               and               Financial               Services               
               Latest               Major               Action:               2/18/2000               Referred               to               House               subcommittee.

Status:               Referred               to               the               Subcommittee               on               Domestic               and               International               Monetary               Policy.
               89.S.2060               :               A               bill               to               authorize               the               President               to               award               a               gold               medal               on               behalf               of               the               Congress               to               Charles               M.

Schulz               in               recognition               of               his               lasting               artistic               contributions               to               the               Nation               and               the               world,               and               for               other               purposes.


               Sponsor:Sen               Feinstein,               Dianne               [CA]               (introduced               2/10/2000)               Cosponsors               (77)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               2/10/2000               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking,               Housing,               and               Urban               Affairs.

]
               These               Bills               also               were               introduced               in               1999.

Please               note               who               the               sponsored               these               Bills...
               7.H.R.1094               :               To               amend               the               Federal               Reserve               Act               to               broaden               the               range               of               discount               window               loans               which               may               be               used               as               collateral               for               Federal               reserve               notes.


               Sponsor:Rep               Leach,               James               A.

[IA-1]               (introduced               3/11/1999)               Cosponsors               (3)               
               Committees:               House               Banking               and               Financial               Services;               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               Became               Public               Law               No:               106-122               [GPO:Text,               PDF]
               8.H.R.1400               :               To               amend               the               Securities               Exchange               Act               of               1934               to               improve               collection               and               dissemination               of               information               concerning               bond               prices               and               to               improve               price               competition               in               bond               markets,               and               for               other               purposes.


               Sponsor:Rep               Bliley,               Tom               [VA-7]               (introduced               4/14/1999)               Cosponsors               (27)               
               Committees:               House               Commerce;               Senate               Banking,               Housing,               and               Urban               Affairs               
               House               Reports:               106-149               
               Latest               Major               Action:               6/15/1999               Referred               to               Senate               committee.

Status:               Received               in               the               Senate               and               read               twice               and               referred               to               the               Committee               on               Banking.
               ________________________________________________________________________
               11.H.R.2565               :               To               clarify               the               quorum               requirement               for               the               Board               of               Directors               of               the               Export-Import               Bank               of               the               United               States.


               Sponsor:Rep               Leach,               James               A.

[IA-1]               (introduced               7/20/1999)               Cosponsors               (3)               
               Committees:               House               Banking               and               Financial               Services;               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               Became               Public               Law               No:               106-46               [GPO:Text,               PDF]
               ________________________________________________________________________
               26.S.187               :               A               bill               to               give               customers               notice               and               choice               about               how               their               financial               institutions               share               or               sell               their               personally               identifiable               sensitive               financial               information,               and               for               other               purposes.


               Sponsor:Sen               Sarbanes,               Paul               S.

[MD]               (introduced               1/19/1999)               Cosponsors               (7)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               6/9/1999               Senate               committee/subcommittee               actions.

Status:               Committee               on               Banking.

Hearings               held.
               46.S.576               :               An               original               bill               to               provide               for               improved               monetary               policy               and               regulatory               reform               in               financial               institution               management               and               activities,               to               streamline               financial               regulatory               agency               actions,               to               provide               for               improved               consumer               credit               disclosure,               and               for               other               purposes.


               Sponsor:Sen               Gramm,               Phil               [TX]               (introduced               3/10/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Senate               Reports:               106-11               
               Latest               Major               Action:               3/10/1999               Placed               on               Senate               Legislative               Calendar               under               General               Orders.

Calendar               No.

35.
               49.S.753               :               A               bill               to               enhance               competition               in               the               financial               services               industry               by               providing               a               prudential               framework               for               the               affiliation               of               banks,               securities               firms,               and               other               financial               service               providers;               and               for               other               purposes.


               Sponsor:Sen               Daschle,               Thomas               A.

[SD]               (introduced               3/25/1999)               Cosponsors               (9)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               3/25/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               55.

S.900               :               An               Act               to               enhance               competition               in               the               financial               services               industry               by               providing               a               prudential               framework               for               the               affiliation               of               banks,               securities               firms,               and               other               financial               service               providers,               and               for               other               purposes.


               Sponsor:               Sen               Gramm,               Phil               [TX]               (introduced               4/28/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs;               House               Judiciary               
               Senate               Reports:               106-44;               Latest               Conference               Report:               106-434               (in               Congressional               Record               H11255-11292)               
               Latest               Major               Action:               Became               Public               Law               No:               106-102               [GPO:               Text,               PDF]
               57.S.921               :               A               bill               to               facilitate               and               promote               electronic               commerce               in               securities               transactions               involving               broker-dealers,               transfer               agents               and               investment               advisers.


               Sponsor:Sen               Abraham,               Spencer               [MI]               (introduced               4/29/1999)               Cosponsors               (4)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               4/29/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               58.S.958               :               A               bill               to               amend               certain               banking               and               securities               laws               with               respect               to               financial               contracts.


               Sponsor:Sen               Bennett,               Robert               F.

[UT]               (introduced               5/4/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               5/5/1999               Senate               committee/subcommittee               actions.

Status:               Committee               on               Banking,               Housing,               and               Urban               Affairs               Subcommittee               on               Financial               Institutions.

Hearings               held.

With               printed               Hearing:               S.Hrg.

106-483.
               59.S.1015               :               A               bill               to               require               disclosure               with               respect               to               securities               transactions               conducted               "online",               to               require               the               Securities               and               Exchange               Commission               to               study               the               effects               of               online               trading               on               securities               markets,               to               prevent               online               securities               fraud,               and               for               other               purposes.


               Sponsor:Sen               Schumer,               Charles               E.

[NY]               (introduced               5/12/1999)               Cosponsors               (3)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               5/12/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               ________________________________________________________________________
               62.S.1189               :               A               bill               to               allow               Federal               securities               enforcement               actions               to               be               predicated               on               State               securities               enforcement               actions,               to               prevent               migration               of               rogue               securities               brokers               between               and               among               financial               services               industries,               and               for               other               purposes.


               Sponsor:Sen               Collins,               Susan               M.

[ME]               (introduced               6/9/1999)               Cosponsors               (3)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               6/9/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               63.S.1195               :               A               bill               to               give               customers               notice               and               choice               about               how               their               financial               institutions               share               or               sell               their               personally               identifiable               sensitive               financial               information,               and               for               other               purposes.


               Sponsor:Sen               Schumer,               Charles               E.

[NY]               (introduced               6/9/1999)               Cosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               6/9/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               76.S.1565               :               A               bill               to               license               America's               Private               Investment               Companies               and               provide               enhanced               credit               to               stimulate               private               investment               in               low-income               communities,               and               for               other               purposes.


               Sponsor:Sen               Sarbanes,               Paul               S.

[MD]               (introduced               8/5/1999)               Cosponsors               (5)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               8/5/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               77.S.1663               :               A               bill               to               combat               money               laundering               and               protect               the               United               States               financial               system,               and               for               other               purposes.


               Sponsor:Sen               Schumer,               Charles               E.

[NY]               (introduced               9/29/1999)               Cosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               9/29/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               80.S.1712               :               An               original               bill               to               provide               authority               to               control               exports,               and               for               other               purposes.


               Sponsor:Sen               Gramm,               Phil               [TX]               (introduced               10/8/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs;               Senate               Commerce,               Science,               and               Transportation               
               Senate               Reports:               106-180               
               Latest               Major               Action:               4/4/2000               Senate               committee/subcommittee               actions.

Status:               Committee               on               Commerce,               Science,               and               Transportation.

Hearings               held.

Hearings               printed:               S.Hrg.

106-1104.
               82.S.1872               :               A               bill               to               amend               the               Federal               Credit               Union               Act               with               respect               to               the               definition               of               a               member               business               loan.


               Sponsor:Sen               Sessions,               JeffCosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               11/5/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.
               83.S.1879               :               A               bill               to               promote               international               monetary               stability               and               to               share               seigniorage               with               officially               dollarized               countries.


               Sponsor:Sen               Mack,               Connie,               III               [FL]               (introduced               11/8/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               2/8/2000               Senate               committee/subcommittee               actions.

Status:               Subcommittee               on               Economic               Policy.

Hearings               held.

With               printed               Hearing:               S.Hrg.

106-508.

84.S.1903               :               A               bill               to               amend               the               privacy               provisions               of               the               Gramm-Leach-Bliley               Act.


               Sponsor:Sen               Shelby,               Richard               C.Cosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               11/10/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.

85.S.1920               :               A               bill               to               combat               money               laundering               and               protect               the               United               States               financial               system               by               addressing               the               vulnerabilities               of               private               banking               to               money               laundering,               and               for               other               purposes.


               Sponsor:Sen               Levin,               Carl               [MI]               (introduced               11/10/1999)               Cosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               11/10/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.

86.S.1924               :               A               bill               to               ensure               personal               privacy               with               respect               to               financial               information,               to               provide               customers               notice               and               choice               about               how               their               financial               institutions               share               or               sell               their               personally               identifiable               sensitive               financial               information,               to               provide               for               strong               enforcement               of               these               rights,               and               to               protect               States'               rights.


               Sponsor:Sen               Leahy,               Patrick               J.

[VT]               (introduced               11/16/1999)               Cosponsors               (7)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               11/16/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.

87.S.1968               :               A               bill               to               amend               the               Federal               securities               laws               to               enhance               oversight               over               certain               derivatives               dealers               and               hedge               funds,               reduce               the               potential               for               such               entities               to               increase               systemic               risk               in               the               financial               markets,               enhance               investor               protections,               and               for               other               purposes.


               Sponsor:Sen               Dorgan,               Byron               L.

[ND]               (introduced               11/18/1999)               Cosponsors               (None)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               11/18/1999               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking.

92.S.2097               :               A               bill               to               authorize               loan               guarantees               in               order               to               facilitate               access               to               local               television               broadcast               signals               in               unserved               and               underserved               areas,               and               for               other               purposes.


               Sponsor:Sen               Burns,               Conrad               R.

[MT]               (introduced               2/24/2000)               Cosponsors               (20)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Senate               Reports:               106-243               
               Latest               Major               Action:               4/3/2000               Held               at               the               desk.

93.S.2101               :               A               bill               to               promote               international               monetary               stability               and               to               share               seigniorage               with               officially               dollarized               countries.


               Sponsor:Sen               Mack,               Connie,               III               [FL]               (introduced               2/24/2000)               Cosponsors               (1)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Senate               Reports:               106-354               
               Latest               Major               Action:               7/24/2000               Placed               on               Senate               Legislative               Calendar               under               General               Orders.

Calendar               No.

705.

94.S.2107               :               A               bill               to               amend               the               Securities               Act               of               1933               and               the               Securities               Exchange               Act               of               1934               to               reduce               securities               fees               in               excess               of               those               required               to               fund               the               operations               of               the               Securities               and               Exchange               Commission,               to               adjust               compensation               provisions               for               employees               of               the               Commission,               and               for               other               purposes.


               Sponsor:Sen               Gramm,               Phil               [TX]               (introduced               2/28/2000)               Cosponsors               (13)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Senate               Reports:               106-360               
               Latest               Major               Action:               7/25/2000               Placed               on               Senate               Legislative               Calendar               under               General               Orders.

Calendar               No.

712.

99.S.2293               :               A               bill               to               amend               the               Federal               Deposit               Insurance               Act               and               the               Federal               Home               Loan               Bank               Act               to               provide               for               the               payment               of               Financing               Corporation               interest               obligations               from               balances               in               the               deposit               insurance               funds               in               excess               of               an               established               ratio               and,               after               such               obligations               are               satisfied,               to               provide               for               rebates               to               insured               depository               institutions               of               such               excess               reserves.


               Sponsor:Sen               Santorum,               Rick               [PA]               (introduced               3/27/2000)               Cosponsors               (18)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               3/27/2000               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking,               Housing,               and               Urban               Affairs.

100.S.2328               :               A               bill               to               prevent               identity               fraud               in               consumer               credit               transactions               and               credit               reports,               and               for               other               purposes.


               Sponsor:Sen               Feinstein,               Dianne               [CA]               (introduced               3/30/2000)               Cosponsors               (2)               
               Committees:               Senate               Banking,               Housing,               and               Urban               Affairs               
               Latest               Major               Action:               3/30/2000               Referred               to               Senate               committee.

Status:               Read               twice               and               referred               to               the               Committee               on               Banking,               Housing,               and               Urban               Affairs.

1999               was               a               year               of               great               interest               to               the               financial               community,               all               right,               but,               let's               get               back               to               the               good               Sisters'               problem.

After               all,               we               must               contact               the               SEC               and               ask               them               to               inform               Citigroup,               Inc.

that               the               American               public               really               does               care               about               what               has               happened               to               America's               economy....IMMEDIATELY,               FOLKS!
               First,               let               us               begin               with               The               Gramm-Leach-Bliley               Financial               Modernization               Act               of               1999               (11/12/1999:               Became               Public               Law               No:               106-102.)
               with               a               synopsis               provided               by               pbs               Frontline               in               May               of               2003               :               http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
               This               broadcast               details               efforts               to               repeal               Depression               era               legislation               as               the               result               of               lobbying               by               America's               leading               financial               minds               (?).

Please               note               that               Secretary               of               the               Treasury               Robert               Rubin               resigned               his               position               and               shortly               thereafter               assumed               various               positions               at               Citi.

(That               was               the               perfect               opportunity               for               a               'double-intender',               but,               fortunately,               I               do               not               speak               French.)
               In               Senate               committee               meetings               addressing               the               need               for               "MODERNIZATION"               of               futures               trading-               (The               Library               of               Congress               >THOMAS               Home               >Committee               Reports               >               Search               Results
               79-010,               Calendar               No.

766,               106TH               CONGRESS,               ReportSENATE,               2d               Session               106-390)
               -considerable               time               and               effort               was               spent               producing               the               "new               and               improved"               way               business               could               be               conducted.
               Much               of               this               was               the               result               of               the               President's               Working               Group               (PWG)               http://www.ustreas.gov/press/releases/reports/otcact.pdf,               presented               Nov.

19,               1999.

Testimony               given               to               them,               and               The               Senate               Committee               On               Agriculture...

(No               wonder               I               couldn't               find               any               record               of               the               CFMA               in               Senate               Finance               OR               Banking               Committee               proceedings)               by               the               financial               institutions               deemed               "too               big               to               fail".

Citigroup,               Inc.

features               prominently               in               these               proceedings               (from               the               1990's               to               present               day               legislation)               regarding               Troubled               Asses...

(Oops)...Troubled               Assets               Relief               Program               (TARP)               and               the               economic               stimulus               program               our               country               will               be               paying               for.

(Ad               infinitum/ad               nauseum;               no               translation               required).
               The               following               statement               was               delivered               FOR               them.

(I               assume               this               must               be               about               the               time               they               began               to               believe               "it               simply               does               not               raise               significant               policy               concerns               that               warrant               the               Staff               overriding               a               matter               that               is               clearly               related               to               the               ordinary               business               of               the               Company."               ...uncletumbleweed)
               COALITION               of               INVESTMENT               AND               COMMERCIAL               BANKS               regarding
               THE               REPORT               OF               THE               PRESIDENT'S               WORKING               GROUP               ON               FINANCIAL               MARKETS               entitled               OVER-THE-COUNTER               DERIVATIVES               MARKETS               AND
               THE               COMMODITY               EXCHANGE               ACT               before               the               COMMITTEE               ON               AGRICULTURE,               NUTRITION               AND               FORESTRY
               UNITED               STATES               SENATE
               FEBRUARY               10,               2000
               Chairman               Lugar,               members               of               the               Committee,               this               testimony               is               submitted               by               Edward               Rosen,               a               partner               with               Cleary,               Gottlieb,               Steen               &               Hamilton,               on               behalf               of               an               ad               hoc               coalition               of               investment               and               commercial               banks               (the               "Coalition").

The               Coalition               is               comprised               of               the               following               institutions:
               The               Chase               Manhattan               Bank,               Citigroup               Inc.,               Credit               Suisse               First               Boston               Inc.,
               Goldman,               Sachs               &               Co.,               Merrill               Lynch               &               Co.,               Inc.,               Morgan               Stanley               Dean               Witter               &               Co.
               This               Coalition               is               grateful               for               the               opportunity               to               present               the               Committee               with               the               Coalition's               views               regarding               the               report               of               the               President's               Working               Group               on               Financial               Markets               (the               "Working               Group")               entitled               Over-the-Counter               Derivatives               Markets               and               the               Commodity               Exchange               Act               (the               "Report").

The               Coalition               supports               the               recommendations               set               forth               in               the               Report               and               urges               the               Committee               to               incorporate               the               Report's               recommendations               in               legislation               during               this               session....
               I.

Enhancing               Legal               Certainty               for               Swaps
               The               Coalition               strongly               supports               the               Working               Group's               recommendation               that               bilateral               swap               agreements               involving               financial               commodities               between               institutional               counterparties               be               excluded               from               regulation               under               the               CEA...
               ...

In               addition               to               the               recommendations               of               the               Working               Group,               the               Coalition               would               support               further               relief               for               transactions               involving               non-financial               commodities               and               a               clarification               that               individually               negotiated               bilateral               transactions,               including               those               involving               non-financial               commodities,               are               not               subject               to               regulation               under               the               CEA.
               II.

Electronic               Trading               Systems
               The               Coalition               supports               the               Working               Group's               recommendation               to               exclude               from               regulation               under               the               CEA               electronic               systems               for               trading               financial               derivatives               which               limit               participation               to               institutional               counterparties               trading               for               their               own               accounts.

This               exclusion               would               remove               a               significant               barrier               to               financial               and               technological               innovation               in               the               United               States...
               ...Beyond               the               Working               Group's               recommendation,               the               Coalition               would               further               encourage               Congress               to               create               an               appropriate               "light-handed"               regulatory               framework               for               those               electronic               trading               systems               that               do               not               operate               as               exchanges               and               that               would               not               otherwise               qualify               for               exclusion               from               the               CEA               under               the               Working               Group's               recommendations
               III.

Clearing               Systems
               The               Coalition               welcomes               the               Working               Group's               recommended               clarification               that               qualifying               swaps               may               be               cleared               without               subjecting               the               underlying               transaction               to               regulation               under               the               CEA.
               IV.

Treasury               Amendment
               The               Coalition               welcomes               the               Working               Group's               recommendation               to               clarify               the               intent               of               the               Treasury               Amendment               by               replacing               the               term               "board               of               trade"               with               the               term               "organized               exchange."               This               clarification               alone               will               eliminate               a               great               deal               of               uncertainty               and               forestall               much               of               the               litigation               that               has               arisen               in               this               area               in               the               past.
               V.

Hybrid               Instruments
               In               the               area               of               hybrid               instruments,               the               Working               Group               recommended               that               Congress               clarify               that               the               CEA's               restriction               on               futures               on               non-exempt               securities               does               not               apply               to               hybrid               instruments               that               would               otherwise               qualify               for               exemption               from               the               CEA               under               the               CFTC's               current               rules.
               VI.

Single-Stock               Futures;               Shad-Johnson               Accord
               The               Coalition               does               not               believe               that               single-stock               futures               should               be               unlawful               per               se...
               ...

Congress               must               recognize               that               providing               legal               certainty               for               OTC               derivative               instruments               and               removing               barriers               to               innovation               are               much               more               urgent               matters               for               U.S.

financial               markets               than               creating               a               regulatory               framework               for               single-stock               futures.
               VII.

Derivatives               Dealers
               The               Coalition               agrees               with               the               Working               Group's               conclusion               that               no               current               need               has               been               demonstrated               to               regulate               OTC               derivatives               dealers,               most               of               whom               are               already               subject               to               direct               and               indirect               regulatory               oversight....
               The               Coalition               notes               that               the               Report               reiterates               the               Working               Group's               earlier               recommendation               to               expand               the               SEC's               and               CFTC's               risk               assessment               authority               with               respect               to               broker-dealers               and               futures               commission               merchants.(1)               The               Coalition               fully               supports               the               goal               of               improved               risk               reporting               to               financial               regulators.(2)               The               Coalition               has               some               concerns,               however,               regarding               the               scope               of               the               Working               Group's               recommendations               in               this               area,               and               stands               ready               to               engage               in               a               dialogue               on               the               relevant               issues.
               VIII.

Conclusion
               It               is               time               for               Congressional               action               to               ensure               legal               certainty               and               remove               the               barriers               to               innovation               posed               by               the               CEA.

The               Working               Group               has               unanimously               urged               the               Congress               to               act               and               has               provided               Congress               with               a               clear               course               of               action.

Moreover,               the               Working               Group's               recommendations               have               widespread               support               among               financial               market               participants.

We               urge               the               Committee               to               take               advantage               of               these               rare               conditions               and               move               swiftly               during               this               session               to               enactment               of               a               bill               incorporating               the               Working               Group's               recommendations.
               Given               the               extraordinary               consensus               in               the               public               and               private               sectors               regarding               the               urgent               need               for               legal               certainty,               market               participants               are               carefully               monitoring               the               reauthorization               process               for               a               signal               that               Congress               will               act               on               these               important               issues.

As               we               have               testified               previously,               and               as               financial               market               participants               are               acutely               aware,               the               risks               and               obstacles               to               innovation               posed               by               the               CEA               do               not               burden               other               major               financial               centers.

If               Congress               continues               to               miss               opportunities               to               modernize               the               CEA,               the               U.S.

will               jeopardize               its               position               as               the               leading               global               financial               center               and               the               U.S.

legislative               and               regulatory               community               will               significantly               diminish               its               own               influence               over               the               development               of               policy               governing               the               global               financial               markets.
               Congress               must               not               allow               less               important               issues               to               impede               progress               on               these               pressing               matters.
               The               Coalition               very               much               appreciates               the               Committee's               interest               in               these               issues               and               is               committed               to               working               with               the               Committee               and               other               interested               parties               in               an               effort               to               solve               these               problems               once               and               for               all.
               Since               I               am               attributing               much               of               the               research,               and               advice               given               to               Congress,               to               the               PWG,               perhaps               now               would               be               a               swell               time               to               introduce               these               fine               folks               to               you.

(For               those               of               you               who               already               know               this               information...Light               'em               if               you               need               'em...prayer               candles,               cigarettes,               whatever...but               come               on               back.

We               still               have               a               LOT               of               ground               to               cover.)               
               ............................................................................................................................................................................


               The               PWG               that               released               the               study               http://www.ustreas.gov/press/releases/reports/otcact.pdf,               presented               Nov.

19,               1999,               consisted               of:
               Greenspan,               Alan,               Chairman               of               the               Board               of               Governors               of               the               Federal               Reserve               System,               Washington,               DC
               Summers,               Lawrence,               Secretary               of               the               U.S.

Department               of               the               Treasury,               Washington,               DC
               Levitt,               Arthur,               Chairman               of               the               Securities               and               Exchange               Commission,               Washington,               DC
               Rainer,               William,               Chairman               of               the               Commodity               Futures               Trading               Commission,               Washington,               DC
               Gore,               Al,               President               of               the               Senate,               United               States               Senate,               Washington,               D.C               
               ..........................................................................................................................................................................


               I               am               inclined               to               believe               ALL               of               the               decisions               made               by               this               next               committee               should               be               reviewed.

Hey,               20/20               hindsight               strikes,               again!

Check               carefully               the               names               of               participants               in               this               high               level               planning               meeting...uncletumbleweeed
               http://www.sec.gov/divisions/marketreg/marketinfo/121400mtg.htm
               Division               of               Market               Regulation:               
               Advisory               Committee               on               Market               Information:               
               Minutes               of               December               14,               2000               Meeting
               Thursday,               December               14,               2000               
               1:12               p.m.
               Securities               and               Exchange               Commission               
               450               Fifth               Street,               N.W.


               Washington,               D.C.
               Participants
               Mr.

Michael               Atkin               
               Vice               President,               Financial               Information               Services               Division,               
               Software               and               Information               Industry               Association
               Robert               G.

Britz               
               New               York               Stock               Exchange
               Andrew               M.

Brooks               
               T.

Rowe               Price
               Robert               Colby               
               SEC
               Matthew               S.

DeSalvo               
               Morgan               Stanley               Dean               Witter
               Carrie               E.

Dwyer               
               Charles               Schwab
               Mitchell               Feuer               
               Reuters               America
               Joel               Greenberg               
               Susquehanna               Partners
               David               A.

Hunt               
               McKinsey               &               Company
               Simon               Johnson               
               Massachusetts               Institute               of               Technology
               Richard               Ketchum               
               National               Association               of               Securities               Dealers
               Donald               C.

Langevoort               
               Georgetown               University               Law               Center
               Bernard               L.

Madoff               
               Bernard               L.

Madoff               Investment               Securities
               Mark               A.

Minister               
               Bridge               Trading
               Annette               L.

Nazareth               
               SEC
               Edward               Nicoll               
               Datek               Online               Holdings
               Gerald               D.

Putnam               
               Archipelago
               Peter               Quick               
               American               Stock               Exchange
               Eric               D.

Roiter               
               Fidelity               Management               &               Research               Co.
               Joel               Seligman               
               Washington               University               School               of               Law
               By               Telephone
               Robert               H.

Forney               
               Chicago               Stock               Exchange
               William               R.

Harts               
               Salomon               Smith               Barney
               Edward               J.

Joyce               
               Chicago               Board               Options               Exchange
               Thomas               M.

Joyce               
               Merrill               Lynch
               H.R.4038               
               Title:               To               establish               a               Securities               and               Derivatives               Oversight               Commission               in               order               to               combine               the               functions               of               the               Commodity               Futures               Trading               Commission               and               the               Securities               and               Exchange               Commission               in               a               single               independent               regulatory               commission,               and               for               other               purposes.


               Sponsor:               Rep               DeFazio,               Peter               A.

[OR-4]               (introduced               3/20/2002)               Cosponsors               (6)               
               Latest               Major               Action:               4/15/2002               Referred               to               House               subcommittee.

Status:               Referred               to               the               Subcommittee               on               Capital               Markets,               Insurance               and               Government               Sponsored               Enterprises.
               ............................
               WHERE               WERE               THE               WATCHDOGS?
               February               22,               2002
               ....PAUL               SOLMAN:               Over               at               the               CFTC,               meanwhile,               say               critics,               the               regulators               didn't               regulate               Enron               by               choice,               exempting               the               company               from               regulation               back               in               1993,               the               last               act               of               outgoing               chair               Wendy               Gramm,               wife               of               Texas               Senator               Phil               Gramm.

Professor               Michael               Greenberger               was               a               CFTC               lawyer               in               the               late-'90s.
               MICHAEL               GREENBERGER,               University               of               Maryland               Law               School:               After               these               exemptions               took               place,               they               could               in               private               make               deals               about               how               they               would               trade               energy,               and               they               were               completely               deregulated.

Nobody               knew               about               them.
               PAUL               SOLMAN:               Wendy               Gramm,               meanwhile,               became               an               Enron               board               member               within               weeks               of               the               exemptions               vote,               while               Enron               and               others               kept               pushing               for               less               regulation.
               MICHAEL               GREENBERGER:               Exemptions               weren't               big               enough               after               time               went.

They               wanted               to               do               more.

So               the               philosophy               they               adopted               and               the               philosophy               industry               adopted               was               twofold:               We're               just               going               to               ignore               the               regulators,               we're               going               to               lobby               like               crazy               on               the               Hill,               and               we're               going               to               convince               Congress               that               this               area               needs               to               be               deregulated               in               Toto.

And               they               achieved               that               objective               in               December               of               2000.
               PAUL               SOLMAN:               The               achievement               was               the               Commodity               Futures               Modernization               Act,               legislation               that               exempted               Enron               and               others               permanently               from               CFTC               oversight,               written               in               part               by               Senator               Gramm.

Enron,               however,               was               but               one               of               many,               says               Elizabeth               Ritter.
               ELIZABETH               RITTER:               Enron               was               one               of               dozens               of               energy,               metals,               banks,               market               participants               that               come               and               talk               to               us,               that               go               to               the               Hill.

I               mean,               Enron               was               not...

certainly               by               any               means,               the               largest               player               who               came               and               talked               to               us               or               tried               to               tell               us               what               they               wanted               and               what               they               needed.
               PAUL               SOLMAN:               As               to               Enron's               collapse,               says               Ritter...
               ELIZABETH               RITTER:               There               is               certainly               a               perceived               problem               with               accounting               and               disclosure               issues               and               auditing               issues.

That's               a               completely               separate               issue               from               the               trading               paradigm.
               PAUL               SOLMAN:               And               trading               is               what               the               CFTC               regulates.

But               the               kind               of               trading               Enron               was               pioneering               became               a               separate               issue               outside               the               CFTC's               jurisdiction               for               a               simple               reason,               says               Greenberger:               That's               the               way               Congress               wanted               it.
               PAUL               SOLMAN:               What               happens?

A               Congressperson               calls               on               the               phone               and               says,               "Hey,               you               guys,               I               hear               what               you               are               talking               about;               forget               it"?

I               mean...
               MICHAEL               GREENBERGER,               Former               CFTC               Lawyer:               What               happens               is,               not               a               Congressperson,               but               five               different               committees               have               hearings,               call               you               up,               ask               you               to               testify,               and               scream               at               you               for               interfering               with               the               free               market               system;               that               you're               slowing               down               the               American               economy               by               trying               to               get               some               transparency               in               the               system.

The               banks               and               the               corporations               are               saying,               "Hey,               how               can               these               federal               financial               regulators               do               this?

We're               very               sophisticated               people.

We               don't               need               to               be               regulated."...

(How               is               that               workin'               out               for               ya?

...uncletumbleweed)
               We               have               an               answer               to               the               last               question!

Go               ahead,               caller!
               On               April               28,               2003,               the               Securities               and               Exchange               Commission               (SEC),               the               National               Association               of               Securities               Dealers               (NASD),               the               New               York               Stock               Exchange               (NYSE),               New               York               State               Attorney               General               Eliot               Spitzer               and               other               state               regulators               announced               a               final               $1.4               billion               settlement               agreement               reached               with               10               Wall               Street               firms               in               their               investigation               into               Wall               Street               conflicts               of               interest.
               In               the               settlement,               the               10               firms               agreed               to               make               significant               structural               changes               designed               to               insulate               their               research               departments               from               their               investment               banking               departments.

Among               these               changes               are:
               They               agreed               to               physically               separate               the               research               and               investment               banking               departments               within               an               investment               bank               to               prevent               the               exchange               of               information               between               the               divisions.
               They               agreed               that               from               now               on,               senior               management               would               set               the               firm's               research               budget               without               taking               investment-banking               revenues               into               consideration.
               They               agreed               to               not               directly               or               indirectly               link               research               analysts'               compensation               to               investment               banking               revenues.
               They               agreed               that               the               investment               banking               side               would               have               no               input               into               analysts'               ratings               on               a               corporate               banking               client.
               They               agreed               to               prohibit               research               analysts               from               soliciting               investment-banking               business.
               Two               of               the               most               well               known               analysts,               who               came               to               symbolize               the               conflicts               of               interest               of               the               1990s               bull               market,               were               fined               and               banned               for               life               from               the               securities               industry.

Henry               Blodget               of               Merrill               Lynch               was               ordered               to               pay               $4               million               in               fines               and               Jack               Grubman               of               Salomon               Smith               Barney               was               ordered               to               pay               $15               million               as               part               of               the               terms               of               the               settlement.

In               addition,               Sanford               I.

Weill,               CEO               of               Citigroup,               was               banned               from               talking               to               his               firm's               analysts               about               their               research               outside               of               the               presence               of               company               lawyers.

(Do               you               remember               this               man's               part               in               the               repeal               of               legislation               designed               to               protect               US?

Do               any               of               the               other               names               sound               familiar?....uncletumbleweed)
               The               settlement               agreement               required               the               firms               to               set               up               contracts               with               at               least               three               independent               research               firms               to               make               independent               research               available               to               their               customers.

In               addition,               seven               of               the               firms               agreed               to               pay               $80               million               to               fund               investor               education               programs,               and               $387               million               of               the               $1.4               billion               was               designated               to               a               restitution               fund               for               investors.
               The               ten               firms               also               voluntarily               agreed               to               ban               the               practice               known               as               "spinning"               --               the               allocation               of               hot               initial               public               offering               (IPO)               stocks               to               corporate               banking               clients.

The               settlement               singled               out               Salomon               Smith               Barney               and               Credit               Suisse               First               Boston               as               particularly               having               engaged               in               this               practice.


               Source:               SEC
               http://www.sec.gov/news/speech/factsheet.htm
               (Gee,               this               is               only               three               and               4               months               after               the               passage               of               the               G-L-B               FMA               of               1999,               but               it               was               enough               to               inspire               a               commission               to               settle               the               regulatory               parameters               for               the               SEC               and               CFTC...uncletumbleweed)
               ________________________________________________________________________
               June               10,               2005,               1:04pm               EDT
               CITIGROUP               SETTLES               ENRON               LAWSUIT               FOR               $2               BILLION
               Citigroup               Inc.,               the               nation's               biggest               financial               institution,               has               agreed               to               pay               $2               billion               to               investors               in               a               class-action               lawsuit               accusing               the               company               of               helping               energy               giant               Enron               doctor               its               financial               statements               and               create               off-the-books               partnerships...
               ...

Citigroup               Chief               Executive               Charles               Prince,               who               took               over               in               2003,               said               it               was               a               key               priority               for               the               bank               to               resolve               major               cases               like               this               one               and               "to               put               a               difficult               chapter               in               our               history               behind               us."
               Online               NewsHour               Special               Report:               Enron               After               the               Collapse
               (Five               and               a               half               years...and               counting...uncletumbleweed)
               Now               let               us               address               the               claim               that               "the               subject               matter               of               the               Proposal               has               not               attracted               a               comparative               level               of               attention               from               the               media,               a               significant               degree               of               public               concern,               nor               has               there               been               a               significant               increase               in               legislative               and/or               regulatory               initiatives               undertaken               in               relation               to               the               issue."
               This               particular               SEC               item               of               business               is               directly               attributable               to               the               Commodity               Futures               Modernization               Act,               and               even               includes               links               for               offering               your               feedback               and               input.
               SECURITIES               AND               EXCHANGE               COMMISSION
               17               CFR               PARTS               230,               240               and               260
               [Release               Nos.

33-8999;               34-59246;               39-2549;               File               No.

S7-02-09]
               RIN               3235-AK26
               Temporary               Exemptions               for               Eligible               Credit               Default               Swaps               To               Facilitate               Operation               of               Central               Counterparties               To               Clear               and               Settle               Credit               Default               Swaps
               AGENCY:               Securities               and               Exchange               Commission.
               ACTION:               Interim               final               temporary               rules;               request               for               comments.
               SUMMARY:               We               are               adopting               interim               final               temporary               rules               providing               exemptions               under               the               Securities               Act               of               1933,               the               Securities               Exchange               Act               of               1934,               and               the               Trust               Indenture               Act               of               1939               for               certain               credit               default               swaps               to               facilitate               the               operation               of               one               or               more               central               counterparties               for               those               credit               default               swaps.

The               interim               final               temporary               rules               define               such               credit               default               swaps               as               ''eligible               credit               default               swaps''               and               exempt               them               from               all               provisions               of               the               Securities               Act,               other               than               the               Section               17(a)               anti-fraud               provisions,               as               well               as               from               Exchange               Act               registration               requirements               and               from               the               provisions               of               the               Trust               Indenture               Act,               provided               certain               conditions               are               met....
               DATES:               Effective               Date:               The               interim               final               temporary               rules               are               effective               January               22,               2009               until               September               25,               2009.
               Comment               Date:               Comments               on               the               interim               final               temporary               rules               should               be               received               on               or               before               March               23,               2009.
               ADDRESSES:               Comments               may               be               submitted               by               any               of               the               following               methods:
               Electronic               Comments
               •               Use               the               Commission's               Internet               comment               form               http://www.sec.gov/               rules/interim-final-temp.shtm
               •               Send               an               e-mail               to               rule-comments@sec.gov.

Please               include               File               Number               S7-02-09               on               the               subject               line;               or
               •               Use               the               Federal               Rulemaking               Portal               http://www.regulations.gov.

Follow               the               instructions               for               submitting               comments.


               Paper               Comments
               •               Send               paper               comments               in               triplicate               to               Elizabeth               M.

Murphy,               Secretary,               Securities               and               Exchange               Commission,               100               F               Street,               NE.,               Washington,               DC               20549-1090.
               All               submissions               should               refer               to               File               Number               S7-02-09.

This               file               number               should               be               included               on               the               subject               line               if               e-mail               is               used.

To               help               us               process               and               review               your               comments               more               efficiently,               please               use               only               one               method.

The               Commission               will               post               all               comments               on               the               Commission's               Internet               Web               site               (http://www.sec.gov/rules/interim-final-temp.shtml).

Comments               are               also               available               for               public               inspection               and               copying               in               the               Commission's               Public               Reference               Room,               100               F               Street,               NE.,               Washington,               DC               20549,               on               official               business               days               between               the               hours               of               10               a.m.

and               3               p.m.

All               comments               received               will               be               posted               without               change;               we               do               not               edit               personal               identifying               information               from               submissions.

You               should               submit               only               information               that               you               wish               to               make               available               publicly.


               ...................................................................................................................................................................................................
               The               Congressional               Oversight               Panel's               "Special               Report               on               Regulatory               Reform"               (January,               2009)               begins               with               this               evaluation               of               the               situation.
               I.

Executive               Summary
               1.

Lessons               from               the               Past
               Financial               crises               are               not               new.

As               early               as               1792,               during               the               presidency               of               George               Washington,               the               nation               suffered               a               severe               panic               that               froze               credit               and               nearly               brought               the               young               economy               to               its               knees.

Over               the               next               140               years,               financial               crises               struck               on               a               regular               basis-in               1797,               1819,               1837,               1857,               1873,               1893-96,               1907,               and               1929-33-roughly               every               fifteen               to               twenty               years.

But               as               the               United               States               emerged               from               the               Great               Depression,               something               remarkable               happened:               the               crises               stopped.

New               financial               regulation-including               federal               deposit               insurance,               securities               regulation,               and               banking               supervision-effectively               protected               the               system               from               devastating               outbreaks.

Economic               growth               returned,               but               recurrent               financial               crises               did               not.

In               time,               a               financial               crisis               was               seen               as               a               ghost               of               the               past.

After               fifty               years               without               a               financial               crisis-the               longest               such               stretch               in               the               nation's               history-financial               firms               and               policy               makers               began               to               see               regulation               as               a               barrier               to               efficient               functioning               of               the               capital               markets               rather               than               a               necessary               precondition               for               success.

This               change               in               attitude               had               unfortunate               consequences.

As               financial               markets               grew               and               globalized,               often               with               breathtaking               speed,               the               U.S.

regulatory               system               could               have               benefited               from               smart               changes.

But               deregulation               and               the               growth               of               unregulated,               parallel               shadow               markets               were               accompanied               by               the               nearly               unrestricted               marketing               of               increasingly               complex               consumer               financial               products               that               multiplied               risk               at               every               stratum               of               the               economy,               from               the               family               level               to               the               global               level.

The               result               proved               disastrous.

The               first               warning               followed               deregulation               of               the               thrifts,               when               the               country               suffered               the               savings               and               loan               crisis               in               the               1980s.

A               second               warning               came               in               1998               when               a               crisis               was               only               narrowly               averted               following               the               failure               of               a               large               unregulated               hedge               fund.

The               near               financial               panic               of               2002,               brought               on               by               corporate               accounting               and               governance               failures,               sounded               a               third               warning.

The               United               States               now               faces               its               worst               financial               crisis               since               the               Great               Depression.

It               is               critical               that               the               lessons               of               that               crisis               be               studied               to               restore               a               proper               balance               between               free               markets               and               the               regulatory               framework               necessary               to               ensure               the               operation               of               those               markets               to               protect               the               economy,               honest               market               participants,               and               the               public.
               2.

Shortcomings               of               the               Present               The               current               crisis               should               come               as               no               surprise.

The               present               regulatory               system               has               failed               to               effectively               manage               risk,               require               sufficient               transparency,               and               ensure               fair               dealings.


               ___________________________________________________________________________________               
               This               research               has               reaffirmed               my               faith               in               God,               and               that               WE               are               supposed               to               question               whether               these               financial               matters               are               being               properly               investigated.
               SECURITIES               AND               EXCHANGE               COMMISSION               17               CFR               Parts               240               and               249b               [Release               No.

34-57967;               File               No.

S7-13-08]               RIN               3235-AK14               Proposed               Rules               for               Nationally               Recognized               Statistical               Rating               Organizations               AGENCY:               Securities               and               Exchange               Commission               ("Commission").
               On               page               1/168,               I               came               across               this               little               gem               from               the               SEC,               
               ACTION:               Proposed               rule.
               SUMMARY:               Today,               in               the               first               of               three               related               actions               the               Commission               is               proposing               rule               amendments               that               would               impose               additional               requirements               on               nationally               recognized               statistical               rating               organizations               ("NRSROs")               in               order               to               address               concerns               about               the               integrity               of               their               credit               rating               procedures               and               methodologies               in               the               light               of               the               role               they               played               in               determining               credit               ratings               for               securities               collateralized               by               or               linked               to               subprime               residential               mortgages.

Second,               the               Commission               also               today               makes               a               proposal               related               to               structured               finance               products               rating               symbology.

And               third,               two               weeks               from               today,               the               Commission               intends               to               propose               rule               amendments               that               would               be               intended               to               reduce               undue               reliance               in               the               Commission's               rules               on               NRSRO               ratings.
               In               closing,               for               now...this               does               not               come               even               close               to               touching               base               on               all               of               the               information               that               I               have               read               since               last               July,               when               I               began               to               be               obsessed               (?)               with               finding               the               answer               to               "What               Caused               This?"
               The               best               answer               I               have               been               able               to               come               up               with               is               "1999-2000."               America's               financial               wizards               managed               to               convince               the               Congress               and               financial               regulatory               agencies               that               it               was               in               their               best               interests               to               pass               these               pieces               of,               uh,               legislation               during               this               congressional               session.

Regardless               of               the               results               of               the               2000               Presidential               election,               the               changes               would               already               be               made,               and               in               place.

Either               to               be               manipulated               at               will,               or               as               a               boobey               trap               for               the               incoming               administration.

(Missed               a               chance               to               exploit               another               'double               intender',               didn't               I?)
               I               am               convinced               in               all               the               manipulation               and               politicking               going               on               in               1999-2000,               none               of               them               saw               9/11               coming,               
               and               that               is               an               issue               I               will               take               up               in               a               future               issue.
               May               the               Peace               of               the               Lord               be               with               you               always,               and               all               ways!
               http://www.usa.gov/Contact/Elected.shtml
               http://www.sec.gov/index.htm               This               is               the               SEC               homepage!
               http://oversight.house.gov/documents/20081114143312.pdf               
               HEDGE               FUNDS               And               THE               FINANCIAL               MARKET               
               Thursday,               November               t3,               2008               
               House               of               Representatives,               
               Committee               on               Oversight               and               Government               Reform               (This               is               a               test               of               your               ability               to               focus,               folks.

Please               ,don't               forget               to               help               The               Sisters               of               Charity?)






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