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Byron Wien: Bigger fish to fry
Byron Wien: Bigger fish to fry
Vice Chairman, Blackstone Advisory Services

It's very difficult to write regulation for the financial services industry. We've been talking about increased regulation for banks and hedge funds for a long time and very little has been put in place.

Obama has bigger issues on his plate like the health care plan and the wars in Asia. I think that's what he's going to be focused on.

When he gets around to regulation, I think he's going to focus on the issues where the greatest numbers of voters care. Those issues are credit cards, mortgages, and executive pay.

There are two areas where I think regulation is needed. The first is bank leverage. The rules are on the books and it's up to the Fed to implement them. That's more of a case of implementation rather than regulation.

The second is derivatives and there we really need to write some new regulation providing greater transparency, margins, risk sensitivity, and awareness.

--Beth Kowitt

NEXT: Darrell Duffie: Obama deserves a good grade

Last updated October 19 2009: 7:29 AM ET
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