The Securities and Exchange Commission can blame itself for the current crisis. That is the allegation being made by a former SEC official, Lee Pickard, who says a rule change in 2004 led to the failure of Lehman Brothers, Bear Stearns, and Merrill Lynch...... My Comment: Worth Noting, this disastrous move was initiated by Bill Donaldson (former SEC Chair and Obama supporter). Also, when the Dems tried to endorse it later in the Senate Banking Committee, it was opposed by all Republicans and supported by all the D's on the Committee.
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Former SEC Official Blames Agency Rule Change For Investment Bank Collapses (Change by Obama Backer)
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