PIMCO's McCulley: Fed Should Regulate Investment Banks

''McCulley misses the basic point . The issue is whether the Fed ( or pick whatever governmental or quasi-governmental entity you wish ) will actually supervise and regulate , as compared with throwing lifelines to the IBs / offloading the IBs toxic structured financial waste onto the taxpayers / totalling refusing to hold CFOs -Chairmen accountable for their mismanagement and fraudulent acts and omissions and basically partnering in essentially a RICO type conspiracy with the IBs and Rating Agencies to systemically perpetrate the world's largest scam.''