There needs to be some refinement of regulation, maybe rewriting existing regulations to replace old ones that have not kept pace with technology. That is the only additional regulation there needs to be.

Congress introduced new legislation a few years back that essentially ate up 5% of our net income due to additional costs to meet this set of regulations. We are a clean bank, I mean top 5% of our peer group, never an issue or a whimper from either the state of federal regulators, yet we get caught up in the messes that were caused in large part by Global Crossing, Enron, and the rest of the huge corporate greed scandals. That money could have gone into our shareholder's pockets, but instead it was wasted on duplicating documentation that is already covered by other regulation. Of course the new regulation has its own paper trail that can't just be handled by "see such & such TPS report mentioned in the memo".

Their needs to be extreme punishment for companies that cross the line, but for the companies that do everything right don't saddle us with undue burden. I'm talking forfeiture of all assets and life in prison for grievous violations, like Ken Lay, and others.

I get so sick and tired of the news media and their "there oughta be a law..." stories of outrage based on fringe events. While the failure of Indy Mac made the news, the media did little to tell depositors how people could really protect themselves. Did you know that a family of 4, through proper structring of accounts, could have $1.2 million or more in deposits fully insured at a single institution, not including IRA's. Add in husband and wife IRA's and you are up to $1.7 million or more. Becuase of the fear mongering tactics you have depositors demand $400-600,000 in cash so they can keep all of their money at home. Yes, this really did happen, and these folks paid heavily in early withdrawal penalties.

The media is not out there to help anybody. They are out there to scare people into watching the TV for the next great threat (that doesn't exist) so that their advertisers get a larger viewing audience. I say shoot a few media execs in the street for irresponsible reporting, and make them tell the whole truth, not just one segment of it.

For someone in the industry, and seeing what issues the media is causing, and knowing the truth behind the scenes, it is embarrassing to see that most of mainstream America falls for their sh!t.