This page has been archived and commenting is disabled.
Volcker Rule IN Dodd Bill!
Developing story
»
- 5768 reads
- Printer-friendly version
- Send to friend
- advertisements -
Contact Information:
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Suggested Reading:
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.
But the FED is supposed to be in control of consumer protection? Elizabeth must be screaming!
Howard...i gotta say that i would love to see elizabeth warren as the first chair of this new agency.....she is one of the few people that i can think of that would not succumb to the pressure
She's just hear to politely explain to government why people are rioting in the streets this summer. She has no real power she just is going to show them that its easy to see who messed up it has become.
The Volcker Rule as proposed lacks teeth much in the way Senator Dodd lacks teeth when the dentures come out before bedtime.
The Fed has had opportunity upon opportunity to shape and enforce significant Consumer protection measures-- and has absolutely nothing to show for it. Housing this entity inside the Fed is a travesty... and Dodd/Corker need to held accountable for it.
"Senator Dodd lacks teeth when the dentures come out before bedtime."
What goes in can come out, both the Volcker Rule and whatever else Dodd is placing in his mouth before the teeth are back in.
lol...gross
Garbage in, Garbage out...lol
This is typical. Put it in when you know it won't pass and get credit as a reformer. Final version will not have the Volker Rule anymore than the final version of Health Care Reform will have a public option. We will be left with a stripped down and ineffective version of both with supporters wringing their hands saying, "this is the best we can do" or, "this is a start and doesn't preclude more reforms later."
"The Fed has had opportunity upon opportunity to shape and enforce significant Consumer protection measures"
is this one of those oxymorons?
Senate Financial Reform Bill Boosts Federal Reserve Powers
The Federal Reserve would gain new powers over non-bank financial firms and keep much of its authority over banks under a new bill to be unveiled on Monday by the U.S Senate's architect of financial reform.
***********With Republicans and bank lobbyists working to weaken and block new rules, the push for reform could fail in the Senate. That would hurt Democrats and President Barack Obama as they head into November elections already short on achievements.**************
************He said the bill will contain the same proposals he made in November for policing the $450-trillion over-the-counter derivatives market, partly through more trading on exchanges. But he said he was open to ideas being discussed by committee members Democrat Jack Reed and Republican Judd Gregg.********
http://wallstreetandtech.com/regulatory-compliance/showArticle.jhtml?articleID=223800177&cid=nl_wallstreettech_daily
The translation... no one will move... the two parties will blame each other... and lobby dollars are all welcome... come be part of the discussion! for a $10,000 cup of coffee...
Mean while, the winners of the War run rampant (front running, each and every trade that is a winner) in the milli-seconds on the back of all...
No law... it’s the "Wild Wild West" on Wall Street... and borrowing from the "Fed Window" to fund the rip off... borrowing from the “Fed Window” to fund the Lobby efforts against the rule of Law...
Perhaps a token gesture to call it an accomplishment! Hey, either way we're screwed. If the banks could lend, the system blows out with cash and inflation. If they remain constrained, the consumer continues to flatline, hence QE II.
Good, very good. I just wonder if this will potentially increase risk-taking in this prop trading in other countries such as mine (Canada).
I would hope governments across the world follow US' lead on this, but I guess that's just wishful thinking possibly?
Let's face it. Even if the 'rule' passes, rules/laws are only as effective as those willing and able to enforce them. More optics, IMHO. Assuming the 'rule' passes, what are the penalties for failure to comply? A $10M fine? $50M fine? Chump change for these TBTF guys. Risk to reward for these TBTF guys still tilts towards recklessness, coercion, and fraud.
Oh Joy, We're Saved!!
BAHAHAHAHAHAHAHA.
Whatever.
GOLD BITCHES!!
I am Chumbawamba.
Damn someone junked you. That is just wrong man.
Hey Chumba. Haven't seen you in weeks. Maybe I've been in the wrong places. Welcome back.
Hey Mang!
Been around, just not as actively as I've been busy fighting battles on numerous fronts. I'm currently taking on traffic tickets, parking tickets, the IRS, the banks, credit card companies, and local, county and state government. I'm doing all this Pro Se and having the time of my life. These people didn't understand what they were getting in to. They don't stand a chance. All will fall before me.
All this while trying to run my business and keep the family warm and fed. Unfortunately, that leaves little time for depositing my droppings of wisdom around here. But it's nice to be missed :)
I am Chumbawamba.
the new camera tickets are interesting and unconstitutional. I am fighting them in my state with a number of rebel clients. An interesting new tax that has nothing to do with safety, does not go on your driving record, and follows absolutely no rules of evidence. A US circuit court has already ruled against the driver stating that (1) it does't matter if it was not you driving as long as it's your car and (2) they do not need to prove how the camera actually works (unlike any other speeding ticket or any other process or system evidentiary foundation at trial). We're going to see a lot more of this stuff.
Sneak up behind the cameras and cut thier power cords. When they finally give up and put solar panels and battries on them to run them. Steal em.
In an interview with the CBS news show "60 Minutes" broadcast Sunday, Lewis described how banks have been given free rein to make big profits and reward themselves with whopping bonuses.
The big Wall Street banks "have access to a zero percent loan in virtually unlimited quantities from the Federal Reserve. You can take that money and reinvest it in Treasury bonds or government agency securities and you will get the spread and you could do it over and over," he said.
http://wallstreetandtech.com/financial-risk-management/showArticle.jhtml?articleID=223800176&cid=nl_wallstreettech_daily
They can't borrow short and lend long (which is what is normally done with a steep yield curve) because the recession has hurt too many people and businesses. So instead, they borrow short and invest long. Helps capital reserves too.
It's what negotiators call a "trade away"
Yeah, that should fix everything.
Without Audit the Fed (or better, End the Fed), any 'reform' bill is pointless.
I totally agree
this will pass because FED always wins in the end. if they have to sacrifice gs, etc they will
ZZZZZZZZZ....Whatever, nothing will change. This is all posturing for the public. There will be no real change when this whole thing ends. In fact, the control of the Fed and "Too big to fail" banks over America (and the world) will be even more complete.
agree.
No Volcker Rule In New Financial Reform BillMar 15 2010 | 12:48pm ET
The head of the U.S. Senate’s Banking Committee will unveil a new comprehensive financial regulation reform bill today, one that does not include the controversial Volcker Rule. Finalternatives 14 minutes ago. as if it makes any difference anyway..
well, dodd just released the details....it does look tougher on the surface but i'm still not at all optimistic that we will fix the banking system...ergo, the market will have to fix it and it will eventually
indeed it will....tic-toc, tic-toc
ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. cheap vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers