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Goldman Sachs Group Inc., JPMorgan Chase & Co., Credit Suisse Group AG and Barclays Plc sent the Treasury a plan written in February saying the Federal Reserve should extend bank regulation practices to companies and hedge funds, according to a document obtained by Bloomberg News and confirmed by the Treasury.
Corporations, energy companies and hedge funds don’t face capital and margin levels now, while banks do under central bank oversight. “The Street’s lobbyists appear to be asking for a ‘club’ structure in OTC trading.” So, we get restrictions on entry into the market (meaning if you want to buy or sell, you'll have to go through one of the Wall St. While everyone in Washington is running away from Wanda Sykes, we'd like to take a moment to thank her for her brilliant performance.
And Geithner decided to just, well, put his name on that plan and submit it.
Posted by mcblogger at AM | Comments (0) | Track Back Ugh and What a dick. While Rubin may have gone overboard on deregulation (as were the vast majority of economists during the 90's), Larry always went further. While Rubin was an advocate for government running surpluses and paying doubt debt, Summers stuck to his Friedmanite roots, unconcerned about debt loads.It's weakness and a need to compromise even when it's unnecessary.We've gone from having a President who was steadfast and drove home what he wanted, but was always wrong, and replaced him with a President who is usually right but won't fight to get his way aggressively.Idealism is wonderful but without tenacity, it turns into what we have now... I hope and pray that the President develops and spine, shows it tonight and forces the issue.a President elected with the largest majority in 20 years who can't even get members of his own party to do the right thing. We need a leader who is willing to fight tooth and nail, not someone who compromises everything they believe in.
He's taken a mandate and through action or inaction turned it into, well, shit.