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Wall Street finance reform

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Seko- View Drop Down
WorldHistoria Master
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Seko- Quote  Post ReplyReply Direct Link To This Post Topic: Wall Street finance reform
    Posted: 28 Apr 2010 at 01:00
Ever since the the government accused Goldman of fraud and the SEC filed a civil lawsuit the politics at play are rising to the surface. The Senate voted on legislation this week for tighter regulations. It went along party lines (appears that the Republicans will all jump off a cliff together one by one on this measure). The American public is looking for a tougher stance - "Amid anger at Goldman and other big banks, a new Washington Post/ABC poll found the US public backs tougher rules for Wall Street by a 65-31 percent margin".

http://news.yahoo.com/s/afp/20100426/ts_afp/usfinanceeconomypolitics_20100426193647

http://www.npr.org/templates/story/story.php?storyId=126300813&ft=1&f=1014

We also have senate hearings this week.


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Leonidas View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Leonidas Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2010 at 22:19
prediction; a watered down completely compromised bill will get through.

 Holes big enough for the much smarter International bank(ster)s to exploit have already been put in and its all hog wash if the international community cant agree on a basic framework to build national policy. This creates more opportunity to 'arbitrage regulation' between countries which these guys were already doing before the GFC. The SEC filing will do two things, one make the public believe something is now happening (politics 100%) and two - Goldman loses much face and trust with its customers. The second point cannot be underestimated as these companies rely on trust for business and deal making. The pissy little fine, even if double the 1 billion they are charged for creating wouldn't come close to making a scratch but the loss of market share and potential claims from the EU and beyond will make a more meaningful impact.

Lies started with the borrowers and worked its way to Treasury during lehmans collapse
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Parnell View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Parnell Quote  Post ReplyReply Direct Link To This Post Posted: 28 Apr 2010 at 22:24
Politics...
 
Obama wants a Wall Street reform bill. The taxpayer have given hundreds of billions to degenerate bankers. The Republicans don't really want the bill. Obama can use the catchphrase 'The Republican Party are the bankers party', and mock them all. Its all November damage limitation. I doubt anything substantive will actually get reformed, but its interesting political theatre nonetheless.


Edited by Parnell - 28 Apr 2010 at 22:25
http://xkcd.com/15/



Patriotism is your conviction that this country is superior to all other countries because you were born in it. ~George Bernard Shaw
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Al Jassas View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Al Jassas Quote  Post ReplyReply Direct Link To This Post Posted: 29 Apr 2010 at 02:35

The dems are as corrupt as the republicans on this issue. The difference is there is no elected republican that actually wants reform (in fact there are many of them who want less regulation as if there is currently any regulation at all) while there are several leading dems who do and can muscle a somewhat tough legistlation but of course not the necessary one.

 
What the dems can do is reduce their losses come Nov. elections. The Dems will lose no doubt about that but this and other good economic news (particularly unemployment news) can help them at least maintain a majority in both houses.
 
Al-Jassas
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