Banker Heaven on Derivatives

[marmar]

http://www.workinglife.org/2013/05/15/bankerheaven/


from the Working Life blog:


Banker Heaven on Derivatives
Posted on 15 May 2013.


The inexorable march to another big financial crisis takes another baby step every day. The banks, hey, they just keep spreading their muscle and graft everywhere to make sure that nothing changes. To wit.In the battle over regulation, Wall Street is poised to notch another win.

Someone should run a website just to track these nuggets…

Lobbyists for the nation’s biggest banks have persuaded federal regulators to soften a proposed rule under the Dodd-Frank Act, the financial overhaul law passed after the crisis of 2008. The rule, which regulators plan to approve on Thursday, could protect Wall Street’s control over the $700 trillion derivatives market, a lucrative business that helped cause the financial crisis…

…But the compromise, coming on the heels of other Wall Street lobbying victories, still illustrates the financial industry’s continued influence in Washington.

“It’s really on the edge of returning to the old, opaque way of doing business,” said Marcus Stanley, the policy director of Americans for Financial Reform, a group that supports new rules for Wall Street.

…So, one day we can have an accounting of how it all happened again…

A compromise for them is a royal screwing for the people down the road.