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View Full Version : About to get it wrong again



depittydawg
05-20-2010, 12:37 PM
http://wallstreet.blogs.fortune.cnn.com/2010/05/20/why-the-white-house-is-wrong-on-derivatives/

Yet despite the widespread anger over the misdeeds of Wall Street in the recent crisis, the administration continues to act in the banks' defense, said Michael Greenberger, a professor at the University of Maryland who a decade ago was Brooksley Born's deputy at the Commodity Futures Trading Commission.

It was Born who pushed to have derivatives regulated at the turn of the century before she was overruled by the likes of Summers and another Clinton Treasury secretary, Robert Rubin.

Greenberger said that for whatever progress the Dodd bill might make in reining in Wall Street, all could be lost if the Senate fails to fill "the central hole in the bill" by putting in place meaningful sanctions on those who fail to trade derivatives safely.

He says the weak enforcement language smacks of the latest bid by banker-friendly politicos to ensure that the biggest banks get to hold onto their windfall profits.

"The way the bill reads now makes Wall Street happy," said Greenberger. "This is just another open invitation for the banks to thumb their nose at the regulatory structure."

Franco
05-20-2010, 12:52 PM
Why is Chris Dodd still on the Senate Banking Committee?

He has proven to be incompetent as well as unethical and should have been removed!

depittydawg
05-20-2010, 01:06 PM
Why is Chris Dodd still on the Senate Banking Committee?

He has proven to be incompetent as well as unethical and should have been removed!

I don't know. Why is Larry Summer's still in Washington advising Presidents????

Franco
05-20-2010, 01:12 PM
:rolleyes:

I don't know. Why is Larry Summer's still in Washington advising Presidents????


Obama likes Summers because he can print money as fast as the Dems can spend it!