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Jim Gilmore on Corporations

Senate challenger 2008; previously Republican Governor (VA)

 


Washington “asleep at the switch” at financial oversight

The two candidates agreed that the country needs more oversight in its financial sector, following the recent crisis on Wall Street.

Gilmore said the situation stems from companies allowing too much borrowing against too little assets. “We simply have to have more oversight right now to make sure that people understand that they can’t operate their businesses that way against the public interest,” he said.

Warner faulted Washington and Wall Street for being “asleep at the switch.” He said the country should look at Britain’s use of a single financial regulator as a possible model to fix the current crisis. “If there was ever a time to send somebody to Washington that can read a balance sheet... it’s now,” Warner said.

Source: 2008 VA Senate Debate in The Washington Times , Sep 19, 2008

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Page last updated: Mar 12, 2016