Jim Gilmore on Corporations Senate challenger 2008; previously Republican Governor (VA)

Washington �asleep at the switch� at financial oversight

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.