Back in 2000, when Hank Paulson was CEO of Goldman Sachs, he testified in front of the Security and Exchange Commission. Among other things, he lobbied the SEC to enact a "change to self-regulation" for Wall Street. He also urged them to change the "net capital rule" which governed the amount of leverage investment banks could use. The net capital rule was indeed changed in 2004, and is now blamed for the investment banks' collapse. [my ems]
And people are surprised when McLame loads his campaign staff up with lobbyists? It's the 'Republican Way'; let people with a vested interest make the rules. As long as corporations are given a superior voice over the constituency in policy making we'll keep having fiascoes like the Wall St. meltdown and the Enron mess in California.
It amazes me, after all we know, that 30% of our population still support this gang of thieves and 40-odd percent are in the tank for McCain.