Obama blames regulators for alleged $50 billion Madoff fraud
Incoming president Obama has today laid the blame for the alleged $50 billion Madoff fraud at the hands of US regulators. In what many see as his first serious policy decision even prior to entering the White House, Obama appears set to get tough on regulators and financial markets. This is something which is sure to go down well with US investors who like those in the UK have seen billions of dollars spent on rescue packages which have yet to yield any return.
George Bush is currently under serious pressure with regards to his record on financial regulation and again in line with the UK, there appears to have been too large a shift towards self rgulation. It will be interesting to see how president to be Obama responds to the problem of financial regulation at a time when confidence is at an all-time low. Will he allow the economy to bottom out by itself or will he insist on further taxpayer funded rescue packages to try and stimulator activity.
Those who thought 2008 was a difficult year for the worldwide economy may be surprised by the problems in store for 2009!
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