Wall St Reform

[WRESTLINGFAN]

Today Obama visits Wall St to discuss reforming some of their trading procedures, specifically derivatives trading ie Credit Default swaps, Collatarized Debt Obligations (Bundled Mortgages).

I think also being discussed is the topic of ending too big to fail. Banks would be required to have capital to wind down if they face insolvency.

The GOP would be idiots for not supporting this and trying to block this bill entirely. This reform could have some GOP ideas because many of the teabaggers were opposed to bailouts with TARP. besides it doesnt matter what your political leanings are to most people Goldman Sachs is despised

[angrymissy]

I got a robocall about this from the DNC last night

[foodcourtdruide]

Today Obama visits Wall St to discuss reforming some of their trading procedures, specifically derivatives trading ie Credit Default swaps, Collatarized Debt Obligations (Bundled Mortgages).

I think also being discussed is the topic of ending too big to fail. Banks would be required to have capital to wind down if they face insolvency.

The GOP would be idiots for not supporting this and trying to block this bill entirely. This reform could have some GOP ideas because many of the teabaggers were opposed to bailouts with TARP. besides it doesnt matter what your political leanings are to most people Goldman Sachs is despised

I like that we're preventing "too big to fail", however I have a problem with democratic rhetoric that paints wall st as conservative rhetoric paints big-government. All the woes in this country are not due to some fictional "fat-cats" on Wall St, though clearly more controls are necessary. I just hate the us vs. them mentality.

[WRESTLINGFAN]

Now if some way an Audit of the Federal reserve can somehow be put into this bill it would truly be historic. This actually has bi partisan support

Thom Hartmann said it best The Fed really isnt federal and has no reserves.

Ironic how of course the Banking Lobby has former Congressman Dick Gephart as one of the lobbyists for Goldman. I truly despise politicians more and more

[KnoxHarrington]

The "too big to fail" concept is utterly ludicrous to me. Why is any institution too big to fail?

If you can't survive, if you made dumbass investments that caused you to lose your ass, fucking beat it, dummies.

[foodcourtdruide]

The "too big to fail" concept is utterly ludicrous to me. Why is any institution too big to fail?

If you can't survive, if you made dumbass investments that caused you to lose your ass, fucking beat it, dummies.

You don't see how AIG was too big to fail? Also, a HUGE company with many skilled workers shutting its doors or relocating outside the U.S. would have a major impact on the sovereignty of this country.

[WRESTLINGFAN]

Why would an investor even want to bother investing in these complex derivatives? Stocks, Bonds, commodoties are one things but when these mortgages are packaged up and bundled and sold, its basically worthless paper in the end. Im surprised tehre isnt any backlash against the ratings agencies more like Moodys and Standard and Poors. They gave AAA ratings to a lot of these

[Midkiff]

You don't see how AIG was too big to fail? Also, a HUGE company with many skilled workers shutting its doors or relocating outside the U.S. would have a major impact on the sovereignty of this country.

fucking hogwash

[brettmojo]

Mr. Obama... TERROR DOWN THIS WALL!!!

[Barnaby Jones]

I find myself in complete agreement with WF so far in this thread! I'm a little nervous right now!

[Serpico1103]

I find myself in complete agreement with WF so far in this thread! I'm a little nervous right now!

Hold me?

[sailor]

I'm pissed about this because with the pres 5 blocks from me my commute is likely fucked.

[WRESTLINGFAN]

Theres talk about Obama taking $ 1mm from Goldman and questions if he will return the cash. I really dont know campaign finance laws so I am not going to even bother commenting on that, It does make interesting conversation from the talkers saying that this could be a conflict of interest. Honestly I really dont know. However does anyone know how this works? Is it a total amt of contributions from employees of GS?

[Recyclerz]

Theres talk about Obama taking $ 1mm from Goldman and questions if he will return the cash. I really dont know campaign finance laws so I am not going to even bother commenting on that, It does make interesting conversation from the talkers saying that this could be a conflict of interest. Honestly I really dont know. However does anyone know how this works? Is it a total amt of contributions from employees of GS?

When you contribute to political campaigns you have to fill out a questionnaire about where you work, etc. and affirm that you are a citizen and other stuff. If you give over a certain amount (I think it is is $250 but most report under that) the law says the campaign has to make that information public. Certain web sites collect the data from the FEC and keep it in a searchable database (Opensecrets.org; I think there's one on Huffington Post). it's not totally accurate but its probably close. Most press types search by employer and just add up the results regardless of where in the organization the donor works. For instance, I've worked for an international chemical company, an international pharmaceutical company and a big-shot law firm in the last ten years and none of my contributions to politicians were directed by management so I'm not sure what these top level #s really mean. But they are convenient so they'll be used and misused by the various sectors of the media.

[WRESTLINGFAN]

The SEC had a different perspective on Long positions and Naked Credit default swapping


http://www.cnn.com/2010/US/04/23/sec.porn/index.html?section=cnn_latest

[Serpico1103]

I think the GOP has been against the reforms and the GS investigation, while the Dems have backed it. Of course, a smart corporation welcomes regulation; regulation that they write and hand to the government for approval.

[Jujubees2]

regulation that they write and hand to the government for approval.

Along with a check (or money order)...

[DiabloSammich]

Why don't they just call this guy.....?



http://i.ytimg.com/vi/nDQHQkuv9l0/0.jpg




Oh, yeah, he's dead.

[epo]

So Senator Ben Nelson voted against debate on the Financial Regulation bill...I wonder why. It wouldn't have anything to do with this, would it (http://www.businessweek.com/news/2010-04-27/ben-nelson-wife-own-as-much-as-6-million-in-berkshire-stock.html)?

Senator Ben Nelson, who supported an exemption to proposed derivatives rules sought by Warren Buffett’s Berkshire Hathaway Inc., owned as much as $6 million worth of stock with his wife in the Omaha, Nebraska-based company, financial disclosures show.

[keithy_19]

So Senator Ben Nelson voted against debate on the Financial Regulation bill...I wonder why. It wouldn't have anything to do with this, would it (http://www.businessweek.com/news/2010-04-27/ben-nelson-wife-own-as-much-as-6-million-in-berkshire-stock.html)?

Didn't Nelso prove he was a tool during the healthcare debates?