Federal regulators announced Thursday that final implementation of the Volcker Rule will be delayed two years beyond the nominal deadline this July. The delay is a win for banks that were struggling to adjust to the looming restriction on their ability to make money through market trading as opposed to the more traditional, less …
wall street
FBI Unveils Broader Wall Street Insider Trading Probe
Class War 2012: Why Both Parties Are Flying the Anti-Wall Street Banner
Newt Gingrich ended his campaign against Mitt Romney in Florida with the same message strategy that Romney’s senior advisers had used in another Republican primary two years earlier: Attack Goldman Sachs. There was a good reason.
Occupy the Southern District of New York: Judge Strikes Down SEC-Citibank Settlement
Federal District judge Jed Rakoff followed through with a smackdown of the Securities Exchange Commission on Monday, rejecting a settlement between the agency and Citibank that would have imposed a $285 million penalty on the bank without forcing it to admit wrongdoing for betting against mortgage securities that eventually cost …
In the ArenaViewpoint
A Feast for Fat Cats, A Project for Liberals
These are depressing times for liberals. The President is groveling in the White House, trying hard to please the Wall Street financiers who bankrolled him in the past, but are angry now because he called them “fat cats” and …
Explaining the House Debt Ceiling Vote Charade
The House of Representatives voted 97-318 against increasing the federal borrowing limit by $2.4 trillion without preconditional spending cuts on Tuesday night. The Republican leadership designed the vote to fail: They used a …
House Republicans’ “Clean” Debt Ceiling Vote
The GOP majority in the House is poised to move ahead with a vote on a no-strings-attached $2.4 trillion increase of the federal borrowing limit next week. Treasury Department officials have been warning Congress for months that the government is coming dangerously close to scraping up against the debt ceiling, risking market catastrophe …
Why John Boehner Needs to Reassure Wall Street
House Speaker John Boehner will address the Economic Club of New York City on Fifth Avenue in Manhattan on Monday night. Though Boehner has long been an avowed friend of business – he received a 94% Chamber of Commerce rating …
Update on Financial Regulatory Reform
They’re nearly done and when they are it’ll be a big, much needed victory for Dems and President Obama. But, there are still a few key sticking points. In case you haven’t been glued to C-SPAN3, a look at what’s happened so far in the conference and why this week is crucial.
The thing I find so interesting about this entire process is …
The Trader’s View On Derivatives Reform
Wallace C. Tubeville, a former Goldman Sachs VP and former CEO of derivative broker VMAC, has done us all a service. In a post on New Deal 2.0, he lays out the over-the-counter derivative trader’s view of why financial reform is a bad thing.
A level playing field is anathema to the trader. Successful traders must have advantages over
…
Re: More Bad News For Big Banks
Stephen Gandel over at the Curious Capitalist has some more context and analysis on the SEC action against Goldman.
Of political import:
The first question was who was damaged here. The answer is all of us. First of all, the investors who bought the securities lost about $50 billion on them. Those investors were mostly pension funds.
…
We Interupt This Populist Message To Praise The Bankers
As Adam notes below, President Obama appears to have moderated his bank-pay fury in a recent interview with Bloomberg/BusinessWeek. (Is it is a coincidence that regulatory reform is, as he speaks, teetering on a knife edge in the Senate?) Of the combined $26 million in stock coming to JP Morgan Chase’s Jamie Dimon and Goldman Sachs’ …
Chuck-ing Health Care
We’re in the grip of election fever here in DC. Could (gasp!) Jon Corzine lose the governor’s race in New Jersey? What might a Bob McDonnell victory in Virginia mean for Republicans? For that matter, what could a Doug Hoffman win in the NY23rd mean? But, just in case you forgot, there is still a national debate going on on heath care …
