Lawmakers are considering an overhaul of financial services industry regulation. Insight on the process, with Rep. Barney Frank, Financial Services Committee chairman (D-MA).
For today's show, producers assembled one of the better Squawk Box casts of 2009. Roubini, Taleb, Huffington and Barney Frank. In this 16-minute clip Frank discusses AIG, bonuses, financial regulation, executive compensation, TARP, bank bailouts, GM, the auto bailout, and mark-to-market accounting with Huffington and the regular Squawk crew.
For the record and as I've written about extensively, changing MTM accounting rules is a mistake. Granting some form of regulatory leniency on capital requirements is a smarter idea, but it likely has no chance against the stampede of ignorance in Congress.
Not only does Barney Frank support the removal of FASB 157, he is quoted in this Marketwatch article supporting retroactive mark-ups on certain assets. The FASB vote is Thursday.
