Isn’t that nice?
May 24, 2010 | federal legislation, industry | Comments (0)Wall Street breathes a sigh of relief over bill. From The New York Times:
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.
Though there is anger in some quarters, other financial executives seem resigned to the changes, acknowledging that after the industry’s excesses set the stage for the deepest recession since the 1930s, there were bound to be major reforms.
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