Former Romney Campaign Co-Chair Tim Pawlenty: Banks Should Just Be Trusted To “Voluntarily” Self-Regulate.
In news that is likely to surprise absolutely no one, Tim Pawlenty — who recently stepped down as Mitt Romney’s campaign co-chair in order to pursue a career as a lobbyist for the banking industry – has announced that the best way to prevent further apocalyptic financial meltdowns from occuring is to allow banks to “voluntarily” regulate themselves. (Just as a quick reminder, The Daily Dolt is not a satire website. This is an actual thing that Tim Pawlenty actually said, out loud, to other human beings who were alive during the 2008 Wall Street crisis.)
Pawlenty, the former Republican governor of Minnesota and unsuccessful presidential candidate, announced last week that he was stepping down as co-chairman of the Romney campaign in order to head the Financial Services Roundtable, a lobbying group that represents some of the largest financial services companies in the country. In his first press conference since announcing his new role, Pawlenty asked banks to “voluntarily” stop doing “stupid things”:
[Pawlenty] said he was asked while interviewing for the Roundtable job about how financial institutions can regain the public’s trust.
“I said, ‘Stop doing stupid things,’” Pawlenty said while sitting in the Roundtable’s Washington offices.
“These are large organizations with tens of thousands of employees in many cases. There is always going to be some individual doing something that’s off track. That’s human nature. But the obligation and the opportunity of the organizations is to put controls in place and a culture in place that minimizes the likelihood of that, but does it voluntarily.”
Pawlenty is not alone in his scorn for financial regulation. Mitt Romney has previously said he would “like to repeal [the] Dodd-Frank [law],” which was enacted to prevent another financial crisis like the one that occurred in 2008. “The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank,” Romney told a roundtable of 18 businessmen last year at the ironically named restaurant, The Common Man.
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Hey, speaking of capitalism, remember that thing you’ve totally been meaning to buy on Amazon recently? How about you go do that now? 
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Appellate attorney, admirer of funny people, Dolt.
Latest posts by Linda (The Daily Dolt) (see all)
Tracey
September 25, 2012 at 8:03 am
Awww… but Tim: stupid things are really, really, REALLY profitable!!!
Linda the Dolt
September 25, 2012 at 9:02 am
Which is exactly why they can't self-regulate. As Barney Frank once said, the incentive schemes are basically "heads i win, tails i break even."
Jo Hargis
September 25, 2012 at 2:51 pm
What a dumba$$ to even say something that stupid. If Wall St. was going to self-regulate, they already would have. No, the people running Wall St. never have enough, billions and billions is never, ever enough.
toosmarttovoteGOP
September 26, 2012 at 12:10 am
They DO self-regulate, just like the Mexicans are "self-deporting". What a chump.
Aaron
September 26, 2012 at 11:22 am
The spin of the article is that Pawlenty thinks banks can be trusted to self-regular. However, the quote seems to be that self-regulating is the only way the banks are going to show that they aren't inherently evil machines that need to be tightly reigned in by government intervention. And he's right. If the banks are truly concerned about image, long term viability, and avoiding truly onerous government regulations being forced upon them, then self regulation (above and beyond regulations already imposed upon them) is necessary. Unlikely to happen, but necessary.
Linda the Dolt
September 26, 2012 at 11:50 am
I think you're right that part of his message is that banks would help their public image if they did more self-regulating, but he is also now lobbying to get rid of government regulation of banks.
Scriptfoo
September 26, 2012 at 5:44 pm
So when banks win they keep the profit, but when they screw the pooch they run to the government and have the taxpayers cover the losses, then they wonder why we want oversight and regulation? past regulation wasn't put in place because politicians had nothing better to do. Self-regulation is a fallacy.
pete
September 27, 2012 at 9:32 am
Look up the glass-steagall act and its repeal
Glass-steagall was a law that essentially said commercial banks that do business with ordinary citizens could not do investment banking or speculation as a company or with the funds of thier depositors, a wall between wall street and the generic checking/savings/loan banks.
when they repealed that law, the banks took all the loans that the American people had, bundled them up into mortgage securities and crashed the banking system and was the primary cause of the economic collapse.
Thats what self regulation won us
James
September 27, 2012 at 8:03 pm
The Federal Reserve regulates itself;
The police investigate and regulate themselves;
The Pentagon regulates itself (Donald Rumsfeld – "Now where the heck did that 1.3 trillion dollars go?" – admission made the day before 9-11 and forgotten about since.)
Barrack Obama (or whoever he is) investigates himself – no-one else can!
Israel investigates itself;
Tokyo Electric Power investigates itself …
Why shouldn't the banks regulate themselves?
I guess everything is OK and we can sleep well tonight.
Major Anthony "
September 28, 2012 at 7:59 am
I think the more concentrated
(regardless of degree of monopolistic
control of pricing, risk apportionment,
and regardless of manner of coming
about potentially duplicitous opportunities
for investing in adversity)
a sector is, THEN the more it needs
being regulated.
Of course, the more any program
is funneled through a sector
characterized by monopolistic
influence over pricing and/or risk
apportionment, the more it is that
program's main beneficiaries will be
the monopolists.
http://evernewecon.weebly.com/
The REAL Maj. Anthony Nelson:
http://www.youtube.com/results?search_query=I+Dre…
Have a nice day.
ENEN
Gene Herd
September 28, 2012 at 9:56 am
Banks already self-regulate, but like Romney's tax returns, what they regulate is secret.
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