Banksters rail against attempts to regulate the global casino

[marmar]

(The New York Times) WASHINGTON — Wall Street bankers and some of the world’s top finance ministers are waging a bitter international campaign to block Washington financial regulators from extending their policing powers far beyond the nation’s shores.

The effort — centered on oversight of the $700 trillion marketplace of the financial instruments known as derivatives — is just one front in the battle still being waged nearly three years after Congress passed the Dodd-Frank law, which revamped financial regulations in the United States in hopes of curtailing the risky trading practices blamed for the global financial crisis in 2008.

Industry players have spent tens of millions of dollars to avert, delay or weaken new rules that are being drafted as part of the law. Members of Congress from both parties have joined in the effort, directed at an obscure but increasingly powerful agency, the Commodity Futures Trading Commission, which has written and must approve some of the most contentious provisions.

Banks and overseas regulators are resisting an agency proposal, intended to go into full effect as early as mid-July, that would require overseas offices of American-based banks, foreign institutions and hedge funds to turn over information on foreign trades if they involve United States customers, or are guaranteed by a financial institution with American ties, requirements that the industry calls redundant and excessive. .................(more)

The complete piece is at: http://www.nytimes.com/2013/05/01/business/banks-criticize-strict-controls-for-foreign-bets.html?_r=0&hp=&adxnnl=1&adxnnlx=1367441499-x9TKwDXZz7F6+x/i98KMpQ

[dipsydoodle]

1. Important subject.

.

[onethatcares]

2. with 700 Trillion at risk

and the drunken way the wealthiest toss their weight around, they should be made to wear shock collars and get a big one every time they think of doing the dumbass things that killed the worlds economy in 2008.

Jeeez, they killed the WORLDS economy, not just some dink town somewhere.

[dipsydoodle]

3. I dont actually beieve that to be a real physical amount

More a book keeping exercise which couldnt necessarily be realised.

[onethatcares]

4. what ever the amount,

it pisses me off to no end that unemployment is rampant in every first world country while the rich bastards are putting the jobs in 2nd and 3d world ones.

[Initech]

5. It's a big club and we're not in it.