Once again Wall Street has played us for fools:

The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.

Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact. Industry officials are also hopeful that several of the most punitive provisions can be softened before it is signed into law.

[...]

“If you talk to anyone privately, there’s a sigh of relief,” said one veteran investment banker who insisted on anonymity because of the delicacy of the issue. “It’ll crimp the profit pool initially by 15 or 20 percent and increase oversight and compliance costs, but there’s no breakup of any institution or onerous new taxes.”

[...]

Still, it could have been worse. The Senate rejected rules that would have broken up huge banks considered “too big to fail,” or imposed limits on their size. Caps on how much banks can charge credit card holders to borrow also fell by the wayside. And the long-established wall between trading and commercial banking, which was torn down in 1999, will not be going back up.

Another reason for relief, several bankers said, is that neither the Senate version of the bill nor the one passed by the House in December includes more populist provisions that have gained a foothold in Europe, like a tax on financial transactions or on individual bonuses.

You really didn’t think any meaningful reform was going to happen, did you? I mean, the Obama administration and key Democrats have been pretty clear about not wanting to upset their pimps. So you should just be grateful that these worthless rules will pass.

As the wise Doug Stanhope once said:”At least black people knew when they where slaves.”

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Tags: Financial Reform, Obama, Wall Street, Why Don't Terrorists Go After These Cunts
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Also, the sky is blue, Lebron James will never win a championship, and Chris Dodd is a cunt:

Wall Street is poised to score a victory in its efforts to beat back a crackdown on banks that trade the complex financial products known as derivatives.

On Tuesday, Senate Banking Committee Chairman Christopher Dodd, D-Conn., proposed a compromise change to the Wall Street reform bill that would water down a proposed ban on derivatives trading by many financial firms.

[...]

Under the changes proposed by Dodd, the swaps ban would be postponed while a council of regulators studies it and recommends to Congress whether the full ban or a partial ban should go forward.

If regulators decide the ban is a bad idea, they must come up with new minimum standards to guide banks about derivative trading. If regulators decide the ban is a good idea, the ban wouldn’t take affect for two years, according to the amendment.

The Senate will have to vote on the changes in coming days, but financial services and derivatives groups were breathing a sigh of relief on Tuesday.

“The proposed solution gives some breathing room to a heavy-handed provision that would have resulted in more risk in the system,” said Scott Talbott, senior lobbyist for the Financial Services Roundtable.

I wonder if Chris Dodd cups Wall Street’s balls when he’s gobbling Wall Street’s dick?

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Tags: Chris Dodd, Chris Dodd Loves Rich Cock, Financial Reform, Wall Street
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Shocking, I know:

Senate Republicans held together Monday afternoon to block efforts by Democrats to officially begin debate on the financial industry reform bill.

No Republicans cast a “yes” vote on the procedural motion, keeping Democrats from the 60 vote threshold needed to move forward. One Democrat, Nebraska’s Ben Nelson, voted “no” outright.

[...]

Among the bill’s provisions are the creation of a system for dismantling struggling large firms, the establishment of a consumer protection agency, and a requirement that derivatives be traded openly. The House has already passed its version of the legislation.

[...]

One difference between the two sides is over a proposed Consumer Protection Agency, which Democrats say will keep Americans from being taken advantage of by predatory lenders. Republicans fear the agency could be costly and add an unnecessary and harmful layer of regulation (emphasis mine).

Could someone please give me an example of unnecessary and harmful regulation of Wall Street? Because I’m drawing a blank here. I mean, the reason why our economy went balls up was because of a lack of regulation; which gave way to the rampant fraud on Wall Street.

But then again, what the fuck do I know? I’m not a white-collar criminologist and former financial regulator. But William K. Black is. And he agrees with me:

Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a “criminogenic environment”.

Goddammit, I love it when I’m right.

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Tags: Financial Reform, Republicans love rich cock, Wall Street
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