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Treasury Secretary Timothy Geithner continues his busy week. Monday saw his PPIP plan to subsidize the purchase of toxic assets from banks. Tuesday he testified on Capitol Hill with Chairman Benjamin Bernanke. Now he unveils his outline for a financial "superregulator," as Nancy Cordes put it in her What It Means explainer on CBS, "a new entity to identify and oversee large financial institutions whose failure would pose a risk to the entire economic system." NBC's Tom Costello summed up Geithner's proposal as "policing risk across the entire system, with the authority to supervise and take over at-risk institutions" such as insurance companies, hedge funds, derivatives traders and private equity firms. He quoted Geithner as calling for an end to institutions that "cherry pick among competing regulators" and even found an approving word from Bill Seidman, a CNBC commentator and a committed "deregulator" during the Presidencies for Gerald Ford, Ronald Reagan and George Bush pere: "It is the difference between a prize fight and a barroom brawl--you have got to have some rules."
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