Derivatives and “secret meetings”
May 11, 2010 | federal legislation, industry | Comments (0)DODD HINTS AT DERIVATIVES PROGRESS – Senate Banking Committee Chair Chris Dodd (D-Conn.) spoke with POLITICO’s Meredith Shiner last night. On derivatives: “Well I know people are working on trying to come to some accommodation because there are people with amendments on Title VII of the bill. So we’re trying to figure out if we can come to some accommodation. I’m not going to get into specifics. … And even that is not to suggest that everybody on one side will vote on the agreement you’ve tried to [reach]. … We still have work to do on [derivatives]—there’s no question. We’ve always known that. So a lot people are spending a lot of time trying to come to some common points on this. And I’m confident we will.”
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GOP “TRYING TO GUT CONSUMER PROTECTIONS” – According to a press release from Jim Manley, spokesman for Senate Majority Leader Harry Reid: “After two weeks of stalling and delay, we now have a better idea of how big bank executives instructed Republicans to kill reform during their secret meeting last month. Republicans are trying to gut consumer protections and carve out a loophole that would exempt virtually all of Wall Street from oversight. Recent events in the financial markets have reminded us that leaving the same rules in place to govern Wall Street will only leave our economy vulnerable to instability. At some point, Republicans have to put the best interests of seniors, small businesses and middle-class families ahead of their desire to stack the deck in favor of their friends on Wall Street.”
The Payday Pundit knew Jim Manley when he first started working on Capitol Hill in the mid-80s. He’s really more sober and thoughtful than the above statement makes him appear.
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