three financial areas ... all mentioning congressional &/or regulatory action:
breaches & ID theft:
http://www.garlic.com/~lynn/2008h.html#4 You won't guess who's the bad guy of ID theft
http://www.garlic.com/~lynn/aadsm28.htm#54 Liability for breaches: do we need new laws?
budget transparency:
http://www.garlic.com/~lynn/2008h.html#3 America's Prophet of Fiscal Doom
repeal of Glass-Steagall contributing to current write-downs
http://www.garlic.com/~lynn/2008g.html#66 independent appraisers
http://www.garlic.com/~lynn/2008g.html#67 independent appraisers
http://www.garlic.com/~lynn/2008h.html#1 subprime write-down sweepsteaks
In terms of predicting that people will call for more regulation, that's a sure-fire bet. You can take that to the bank, people calling on more other people doing more other things about it is human nature.
Which means we are likely to see legislation. My first point is that it will be bad legislation, simply because most legislation in complicated matters has been bad in the past. Legislation only works well when it codifies already solved processes. We are a long way from saying we have this one licked.
My second point is that we don't need it, because there is the class-action lawsuit. Although uncomfortable to some, it seems as though it will get there in the end.
But, I agree, we'll still likely get (bad) legislation because the problem is too big now.
Posted by Iang at April 15, 2008 08:35 AMlatest in the ongoing saga
Hackers open new front in payment card data thefts; Cybercrooks are stealing info while it's in transit between systems. Can the PCI rules stop them?
http://www.arnnet.com.au/index.php/id;1285857922;fp;4194304;fpid;1
from above:
Security managers often describe their efforts to protect corporate data from being compromised as a full-fledged battle of wits against cybercrooks who are continually arming themselves with innovative tools and methods of attack.
... snip ...
this is discussed in old "naked transaction" threads ... that it will be a constant ongoing battle
http://www.garlic.com/~lynn/subintegrity.html#payments