Calls increase for regulating big brokerage firms

06/11/2008 | MarketWatch

A chorus of regulators and executives from the financial-services industry are calling for broader regulation of big brokerage firms such as Goldman Sachs, Lehman Bros. and Morgan Stanley. "Once a company gets large enough to impact the financial system, shouldn't it operate under the same systemic risk umbrella in terms of capital, liquidity and transparency?" said Vikram Pandit, chief executive officer of Citigroup. Timothy Geithner, president of the Federal Reserve Bank of New York, said Monday that brokerage firms and banks should all work under a unified regulatory framework.

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