2008-05-17 — reuters.com
Former Sen. Paul Sarbanes, behind one of the most sweeping set of finance reforms since the Great Depression, said on Friday investment banks and hedge funds needed tighter regulation amid the global subprime crisis.
...
"I don't think you can set access to the Fed in this unprecedented manner without more oversight from the Fed and other agencies," said Sarbanes, speaking after an Institutional Investor Educational Foundation conference in Paris.
"It's not a free pass. I think they'll review the investment banks more closely than they have in the past."
This echoes recent comments from the SEC. It is too bad Wall Street went for Fed backstopping so enthusiastically -- it will probably cost them profits in the future.
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