Even if President Barack Obama doesnâ??t deliver the change he promised, at least he could restore basic oversight in key financial areas.
The need was highlighted by a story out of Cleveland last week. On Friday, Federal Deposit Insurance Corp. regulators seized the AmTrust Bank, the fourth-largest U.S. bank or savings institution to fail in 2009. The AmTrust debacle — the FDIC had dutifully guaranteed the bankâ??s deposits at a cost of more than $2 billion — vividly reflects the Obama administrationâ??s steadfast commitment to the status quo.
(Stanley Kutler is a UW-Madison history professor emeritus. This column first appeared on truthdig.com.)