First appeared in The Journal Record - May 6, 2010.
After listening to the testimony of Goldman Sachs officials before Congress last week, I couldn't help but ask, "What happened to our relatively simple, local, service-based financial system?" In recent years, our nation's banking system has evolved to a financial services industry so complex very few people can grasp it.
Everyone is waiting to see how Congress will respond to the present financial crisis. Will it enact thoughtful reforms that address the specific issues that got us into this situation, or will it implement sweeping new regulations that will prove costly to Oklahoma banks and their customers? The question in the meantime remains, "Where does the bank customer fit into this unholy mess?"
Article authored by McAfee & Taft attorney: Bill Rodgers.
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