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(Fox Business) Ironic Volcker says Volcker rule too complicated   (foxbusiness.com) divider line 9
More: Ironic, Paul Volcker, proprietary trading, U.S. Federal Reserve, MF Global  
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1037 clicks; posted to Business » on 09 Nov 2011 at 1:05 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



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Because People in power are Stupid [TotalFark]
2011-11-09 01:00:05 PM
As soon as he was sworn in, Brown set about hollowing out the so-called Volcker Rule, which was designed to bar big financial institutions from using their own money to make risky, speculative bets on the market. By agreeing to provide Democrats with the crucial 60th vote on finance reform, Brown secured an exemption from the trading ban for mutual funds and insurers - a move directly benefiting Massachusetts-based financial giants like Fidelity and MassMutual. Brown also insisted that the Wall Street giants who caused the financial collapse - banks like Goldman Sachs and JP Morgan Chase - be allowed to continue using taxpayer-subsidized capital to gamble on hedge funds and private-equity deals. Former Fed chair Paul Volcker was furious: "Allowing a bank to invest in a speculative fund," he said, "goes against the very intent of the bill."

From the other link posted today: http://www.rollingstone.com/politics/news/how-the-gop-became-the-part y -of-the-rich-20111109?page=6 (new window)

Thank Scott Brown... fighting for Bankers rights to screw people and then take Tax money to cover their losses
 
mekkab
2011-11-09 01:52:48 PM
imagine how he feels about the Volstead act...
 
Arkanaut
2011-11-09 02:04:25 PM
GS's strategy has been pretty brilliant, you gotta admit:

Step 1: Lobby to make the bill more complicated with loopholes
Step 2: Call the bill too complicated
Step 3: Profit
 
brukmann
2011-11-09 03:58:38 PM
I don't pretend to understand Brannigan's Law. I merely enforce it.
 
Serious Black
2011-11-09 04:10:23 PM
brukmann: I don't pretend to understand Brannigan's Law. I merely enforce it.

images.wikia.com

Brannigan's Law is like Brannigan's love: hard and fast!
 
JungleBoogie
2011-11-09 05:55:45 PM
Because People in power are Stupid: As soon as he was sworn in, Brown set about hollowing out the so-called Volcker Rule, which was designed to bar big financial institutions from using their own money to make risky, speculative bets on the market.

Scott Brown? Who Elizabeth Warren is going to be challenging? Wow.

I guess you just need to get out of some people's way and let them self-destruct.
 
Al Hashshashin
2011-11-09 07:58:22 PM
Heh...

Probably the point of the spear in the whole Occupy Wall Street movement and the crux of the battle waged by Goldman Sachs and company to continue to put bank deposits to a moral hazard and to continue to privatize profit and socialize losses.

Languishing in the business tab with 6 comments.

/bread and circuses
 
Dwight_Yeast
2011-11-09 08:13:16 PM
I saw Volker on Charlie Rose recently and he pointed out that the heart of Glass-Steagall was two sentences which prevented banks from being investment houses and vice-versa.
 
Al Hashshashin
2011-11-09 08:46:21 PM
Dwight_Yeast: I saw Volker on Charlie Rose recently and he pointed out that the heart of Glass-Steagall was two sentences which prevented banks from being investment houses and vice-versa.

No. It takes 300 pages to properly circumvent the notion that banks should not be allowed to operate as investment houses.

FTFA The 300-page proposed version of the rule, due to come into force next year, was released by the Federal Deposit Insurance Corp and other federal regulators last month.

/but it's really a non story apparently
 
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