Not all banks are created equal
June 1, 2010 | federal legislation, industry | Comments (0)But the truth behind the financial reform bill is this: Some parts of the industry are getting cracked down on a lot harder than others.
And some firms, in fact, may wind up getting off pretty light.
Wall Street banks such as Morgan Stanley and Goldman Sachs — already in the spotlight over a government fraud case — should avoid a body blow.
That’s because the provision most potentially damaging to these firms — the forced spinoff of lucrative derivatives trading desks — is almost universally expected to be dropped or dramatically watered down. And limits on trading may not go into effect for years.
Gee, some big Wall Street firms came out of financial reform fine while Main Street firms got hosed. How did that happen?
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