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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Quelle Surprise! Fed and Treasury Keen to Find As Few Systemically Risky Firms as Possible | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="HAYMNWJw9t"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/quelle-surprise-fed-and-treasury-keen-to-find-as-few-systemically-risky-firms-as-possible.html"&gt;Quelle Surprise! Fed and Treasury Keen to Find As Few Systemically Risky Firms as Possible&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/quelle-surprise-fed-and-treasury-keen-to-find-as-few-systemically-risky-firms-as-possible.html/embed#?secret=HAYMNWJw9t" width="600" height="338" title="&#x201C;Quelle Surprise! Fed and Treasury Keen to Find As Few Systemically Risky Firms as Possible&#x201D; &#x2014; naked capitalism" data-secret="HAYMNWJw9t" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>We seem to be going back to the world before the crisis in number of respects. The first is that the Financial Times is again running rings around the Wall Street Journal on markets and financial services industry coverage. The crisis forced the Journal to throw a lot of resources on those beats, with the result that it became pretty competitive.   The second is that the authorities seem to be engaged in a weird form of cognitive dissonance. They clearly can't pretend the crisis didn't occur; if nothing else, all the extra new studies and rulemaking imposed by Dodd Frank make that impossible. Yet in every manner imaginable, they behave as if no financial markets near death event took place.  The object lesson of the evening is a story in the Financial Times on a battle between the FDIC, which is responsible for resolution of systemically important firms under Dodd Frank versus the Fed and Treasury. The struggle is over how many non-banks are to put on the systemically important watchlist as required by Dodd Frank. No one wants to be on that roster; it leads to the potential to be subject to all sorts of proctological examinations.</description></oembed>

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