Monday, August 30, 2010

Women and minorities will destroy the fnancial industry

"This will destroy the financial industry," warned Diana Furchtgott-Roth, a senior fellow at the Hudson Institute who was the Labor Department's chief economist under President George W. Bush.

What's she on about?

This: Financial reform bill calls for diversity
The recently enacted financial reform legislation tries in numerous ways to change how Wall Street companies and their federal regulators act, but a little-noticed provision aims for something potentially more difficult and controversial — altering how they look.

To promote diversity in the largely white, male world, the new law requires each of the 30 federal financial agencies and departments, including the Securities and Exchange Commission and all 12 Federal Reserve banks, to establish an Office of Minority and Women Inclusion.

Industry groups, regulatory agencies and analysts are just starting to grapple with the potential ramifications of the provision, which takes effect in January. The effect is hard to gauge because the law gives the directors of each of the new offices the authority to develop their own standards for equal employment at their agencies as well as at the companies they regulate and contract with for services, such as asset management.
Can you imagine?? Replacing all those competent old white guys who caused the financial wreck with incompetent women and minorities?? Where will it end?

Guambat reckons it will end with more jobs for lawyers. According to the article,
In 2008, white males held 64% of senior positions in the financial services industry, according to a May report by the Government Accountability Office.
Is this a call for equal but separate social preference quotas based solely on demographics?

Who shall be fleetest,
the fleetest and first
O'er the flower-smiling meadows
to chase?

Chorus for three Female Voices
-- by Joseph Barnby 1870

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