Multinational Monitor - 0 views
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In 2004, the SEC abolished its 19-year-old “debt-to-net-capital rule” in favor of a voluntary system that allowed banks to formulate their own “rule.”
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The SEC acted at the urging of the big investment banks led by Goldman Sachs, which was then headed by Henry Paulson, who would become Treasury Secretary two years later, and was the architect of the Bush administration’s response to the financial debacle.
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Bear Steams