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The panel, which was much less contentious than Wednesday’s, is taking a 10 minute break. Up next are Lisa Madigan, John Suthers, Denise Voight Crawford and Glenn Theobald. Streaming video is here.
As things are wrapping up, Mr Angelides comes back to the 2004 decision to change leverage limits on broker dealers. He asks for a written explanation as to why limits were lifted and the impact this had. Read more
There has been something of a backlash against Google’s decision to defy the Chinese authorities by ending self-censorship, which may lead to its services being wholly blocked.
Writers such as Evgeny Morozov, Sarah Lacey and The Economist have cast doubt on whether Google is really taking a moral stand. The shift is more a matter of self-interest, they suggest.
This is how Mr Morozov sums it up:
“Here is my very crude and cynical (Eastern European) reading of the situation: Google was in need of some positive PR to correct its worsening image (especially in Europe, where concerns about privacy are mounting on a daily basis). Google.cn is the goat that would be sacrificed, for it will generate most positive headlines and may not result in devastating losses to Google’s business (Google.cn holds roughly 30 percent of the Chinese market).”