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U.S. government blames US regulators

As the Allen Stanford affair finally reaches court there appears to be significant in fighting between the US government and US regulators. This is the alleged fraud which saw $7 billion invested into a number of pyramid schemes which effectively collapsed as the booming stock market lost support after the credit crunch. Allen Stanford himself is looking at a potential 375 year prison sentence if he is found guilty of a number of fraud, money laundering and obstruction of justice charges. However, it is the battle between the US government and US regulators which is catching the eye.

At a time when the US government has introduced a significant number of changes to the US regulatory system there appears to be little love lost between the two associations. While rumours persist of US government knowledge of Allen Stanford and his business affairs, US regulators have taken much of the criticism over the last few days. Whether the US government is looking to use this particular action as a means to take control of the US financial sector remains to be seen but there would certainly appear to be little faith in US regulators being shown by the US government.

Can these two parties really work together for the good of the US financial system?

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