News
Editorials:
Looking back on a truly memorable year
Wow, where does the time go? Doesn’t it seem like it was only yesterday when we were ushering in the start of 2008? Before we knew it, 365 days flew by and we’re preparing to turn the calendar over once again.
Say what you want about 2008, but it’s been far from boring.
This year will go down as a defining stretch, not only for Arizonans, but for Americans, in general. We’re still attempting to find solutions to a potential fuel shortage, continuing environmental crises and an economy that has yet to show signs of rebounding.
These financial troubles have certainly been the year’s most influential story. From retirees rubbing their eyes in disbelief at their 401(k) statements and stock portfolios to small businesses being forced to close shop to the worst holiday shopping season in decades, money — or the lack thereof — dominated the headlines for most of 2008.
Foreclosure signs started popping up around Southern Arizona — and we weren’t alone. The housing market took a tumble the likes of which we’ve never seen in this generation, forcing the government to issue a mind-boggling bailout to prevent a full-scale financial collapse.
Soon after, the auto industry wanted to get in on the action, begging the government to fix their monetary woes, as well.
But it wasn’t all doom and gloom this year.
Green Valley continued to build on its reputation as a wonderful place to live throughout these last 12 months. Between roughly 350 days of beautiful weather and a strong, tightly knit community, it really doesn’t get a whole lot better than this.
Despite those aforementioned economic woes, Green Valley residents found more ways to donate their time, energy and money than ever before.
The County Fair White Elephant, the Salvation Army, the Community Food Bank and countless other local organizations truly stepped up their inspiring charitable efforts.
This was also a year in which we saw a great deal of transition take place. Nationally, of course, we witnessed a historic election that captivated everyone’s attention. Locally, the Green Valley Community Coordinating Council bid farewell to Joyce Finkelstein after 10 years of excellent public service.
The University of Arizona dominated headlines, as well, for much of 2008. Legendary basketball coach Lute Olson stepped down from the post he held for a quarter century in one of the most bizarre news stories anyone at this paper can remember covering. The seemingly endless soap opera didn’t overshadow Olson’s remarkable accomplishments and the well wishes he has received from this community as he straightens out his health issues.
There was so much going on in 2008 — a truly topsy-turvy, head-spinning year. As we transition toward 2009 — a year that promises to be just as action-packed as this one — we hope that the challenges we faced will give us added wisdom as we move forward during a vital time in Green Valley’s development.
The Green Valley News staff wishes you a safe and prosperous 2009 and we thank you for for coming together to help others. We are proud to be a part of this community — a rare and special place to live.
Schapiro must fix badly scarred SEC
The selection of Mary Schapiro, a career regulator, to head the U.S. Securities and Exchange Commission is welcome news at a time when the American people have every reason to wonder just what that massive agency was doing while the likes of Bernard Madoff and the folks at Bear Stearns ran wild.
As early as 1999, the SEC received information suggesting that Madoff was running a Ponzi scheme. In 2001, Barron’s, the financial weekly, published an article raising questions about the firm. The headline, “Don’t Ask, Don’t Tell.”
More astonishing yet is the story of Harry Markopolos, a former employee of a rival to Madoff’s firm, who spent nine years corresponding and meeting with SEC officials while laying out his case that Madoff’s purported trading strategy and the ostensible returns that resulted could not be real.
Despite all that and more, the commission never took a serious look at Bernard L. Madoff Investment Securities LLC.
But as staggering as it is, the failure to adequately investigate Madoff’s now-collapsed $50 billion empire is hardly the only embarrassing gaffe by the regulatory agency over the last decade or so. The collapse earlier this year of Bear Stearns came just three days after SEC Chairman Christopher Cox assured investors the firm was sound.
The commission also failed to investigate and act as the country’s big credit-rating firms assigned high grades to toxic mortgage-backed securities issued by institutions that paid for the ratings, a clear conflict of interest.
Then there was the lack of oversight as credit default swaps and other arcane new securities were created and traded widely, eventually contributing to the global meltdown.
The departure of Cox, a former Republican congressman from Orange County and proponent of deregulation, is welcome. But his replacement by Schapiro is not enough. The new chairwoman must carefully review the performance of the agency’s division chiefs and oust any who had responsibility for the enforcement lapses.
Schapiro, who has been called “a regulator’s regulator,” has the credentials, and should have bipartisan support to reinvigorate the SEC, where she served as a Reagan-appointed commissioner for six years. Most recently she served as head of the Financial Industry Regulatory Authority, the industry’s self-regulatory body, and previously headed the Commodity Futures Trading Commission under President Bill Clinton.
Given her experience at both agencies, there is speculation that the new administration may merge them as part of a sweeping reform of the financial regulatory system that President-elect Obama has promised to make a priority.
We endorse such a merger. It makes no sense to operate two agencies whose efforts can inefficiently overlap or allow matters to fall through the cracks. Unite them under a “regulator’s regulator.”
Reprinted from the San Diego Union-Tribune. Distributed by Creators Syndicate Inc.
Wow, where does the time go? Doesn’t it seem like it was only yesterday when we were ushering in the start of 2008? Before we knew it, 365 days flew by and we’re preparing to turn the calendar over once again.
Say what you want about 2008, but it’s been far from boring.
This year will go down as a defining stretch, not only for Arizonans, but for Americans, in general. We’re still attempting to find solutions to a potential fuel shortage, continuing environmental crises and an economy that has yet to show signs of rebounding.
These financial troubles have certainly been the year’s most influential story. From retirees rubbing their eyes in disbelief at their 401(k) statements and stock portfolios to small businesses being forced to close shop to the worst holiday shopping season in decades, money — or the lack thereof — dominated the headlines for most of 2008.
Foreclosure signs started popping up around Southern Arizona — and we weren’t alone. The housing market took a tumble the likes of which we’ve never seen in this generation, forcing the government to issue a mind-boggling bailout to prevent a full-scale financial collapse.
Soon after, the auto industry wanted to get in on the action, begging the government to fix their monetary woes, as well.
But it wasn’t all doom and gloom this year.
Green Valley continued to build on its reputation as a wonderful place to live throughout these last 12 months. Between roughly 350 days of beautiful weather and a strong, tightly knit community, it really doesn’t get a whole lot better than this.
Despite those aforementioned economic woes, Green Valley residents found more ways to donate their time, energy and money than ever before.
The County Fair White Elephant, the Salvation Army, the Community Food Bank and countless other local organizations truly stepped up their inspiring charitable efforts.
This was also a year in which we saw a great deal of transition take place. Nationally, of course, we witnessed a historic election that captivated everyone’s attention. Locally, the Green Valley Community Coordinating Council bid farewell to Joyce Finkelstein after 10 years of excellent public service.
The University of Arizona dominated headlines, as well, for much of 2008. Legendary basketball coach Lute Olson stepped down from the post he held for a quarter century in one of the most bizarre news stories anyone at this paper can remember covering. The seemingly endless soap opera didn’t overshadow Olson’s remarkable accomplishments and the well wishes he has received from this community as he straightens out his health issues.
There was so much going on in 2008 — a truly topsy-turvy, head-spinning year. As we transition toward 2009 — a year that promises to be just as action-packed as this one — we hope that the challenges we faced will give us added wisdom as we move forward during a vital time in Green Valley’s development.
The Green Valley News staff wishes you a safe and prosperous 2009 and we thank you for for coming together to help others. We are proud to be a part of this community — a rare and special place to live.
Schapiro must fix badly scarred SEC
The selection of Mary Schapiro, a career regulator, to head the U.S. Securities and Exchange Commission is welcome news at a time when the American people have every reason to wonder just what that massive agency was doing while the likes of Bernard Madoff and the folks at Bear Stearns ran wild.
As early as 1999, the SEC received information suggesting that Madoff was running a Ponzi scheme. In 2001, Barron’s, the financial weekly, published an article raising questions about the firm. The headline, “Don’t Ask, Don’t Tell.”
More astonishing yet is the story of Harry Markopolos, a former employee of a rival to Madoff’s firm, who spent nine years corresponding and meeting with SEC officials while laying out his case that Madoff’s purported trading strategy and the ostensible returns that resulted could not be real.
Despite all that and more, the commission never took a serious look at Bernard L. Madoff Investment Securities LLC.
But as staggering as it is, the failure to adequately investigate Madoff’s now-collapsed $50 billion empire is hardly the only embarrassing gaffe by the regulatory agency over the last decade or so. The collapse earlier this year of Bear Stearns came just three days after SEC Chairman Christopher Cox assured investors the firm was sound.
The commission also failed to investigate and act as the country’s big credit-rating firms assigned high grades to toxic mortgage-backed securities issued by institutions that paid for the ratings, a clear conflict of interest.
Then there was the lack of oversight as credit default swaps and other arcane new securities were created and traded widely, eventually contributing to the global meltdown.
The departure of Cox, a former Republican congressman from Orange County and proponent of deregulation, is welcome. But his replacement by Schapiro is not enough. The new chairwoman must carefully review the performance of the agency’s division chiefs and oust any who had responsibility for the enforcement lapses.
Schapiro, who has been called “a regulator’s regulator,” has the credentials, and should have bipartisan support to reinvigorate the SEC, where she served as a Reagan-appointed commissioner for six years. Most recently she served as head of the Financial Industry Regulatory Authority, the industry’s self-regulatory body, and previously headed the Commodity Futures Trading Commission under President Bill Clinton.
Given her experience at both agencies, there is speculation that the new administration may merge them as part of a sweeping reform of the financial regulatory system that President-elect Obama has promised to make a priority.
We endorse such a merger. It makes no sense to operate two agencies whose efforts can inefficiently overlap or allow matters to fall through the cracks. Unite them under a “regulator’s regulator.”
Reprinted from the San Diego Union-Tribune. Distributed by Creators Syndicate Inc.
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