US banks off the hook until 2022 Political reality has forced compromise into the final version of

[babsbunny]

http://www.guardian.co.uk/business/2010/jun/29/us-banks-off-the-hook-until-2022

Andrew Clark in New York

US banks off the hook until 2022 Political reality has forced compromise into the final version of the financial regulation reform bill in the US

It was billed by Barack Obama as the toughest crackdown on Wall Street since the great depression. But top US banks could be given until 2022 to comply with the so-called Volcker rule, which is supposed to restrict financial institutions' risker trading activities.

A string of delays and extension periods written into a final version of Congress's financial regulation reform bill means that firms such as Citigroup and Goldman Sachs could exploit loopholes until 2022 before withdrawing from "illiquid" funds such as private equity. The long gestation period is an example of the degree of compromise inserted into the package following months of lobbying on Capitol Hill by powerful banks.

[WCGreen]

1. What the fuck is the point anymore....

they don't give a rats ass about any of us normal folks...

[lonestarnot]

4. No shit. Rat bastards.

[scarletwoman]

9. The business of the U.S. government is Business. The rest of us are out of luck.

We the People are just the herd animals owned by the Owner class.

[WCGreen]

15. It's beginning to look more and more like that....

[peacebird]

2. throw out this 2000 page BS bill and REINSTATE Glass Steagal instead.

Immediately.

Reinstate it exactly as it was, make BANKS be BANKS - and only BANKS eligible for FDIC protection.

Make investment companies self insure their risks. No FDIC for YOU!

[scarletwoman]

6. +1,000,000

[madinmaryland]

7. Absolutely!

The worst thing to happen to this country was the repeal of the Glass Steagal Act.

Letting the gamblers gamble with taxpayer money.

:mad:

[walldude]

11. It's not gambling if taxpayers cover the losses...

It's robbery. :)

[City Lights]

3. Fuck it.

x(

[lonestarnot]

5. Fuck it twice.

[jp11]

8. So we can't make anything happen now, good to know.

[dixiegrrrrl]

10. Dodd did well for his corporate masters.

[msongs]

12. prostitutes aren't gonna betray their pimps lol nt

[Hannah Bell]

13. "political reality" = corporate dictatorship

[Xolodno]

14. Son of a mutha fucking no good piece of shit bitch!!!!!!!!

:banghead:

All this does is encourage the banks to be even more reckless until they get kicked out of the casino.

[Rex]

16. Sad that America stands for fucking over the working class now.

The 'ruling class' can all rot in hell.