Something told you that this was too good to be true, right? Well, you were right to doubt that a good idea would ever see the light of day when it comes to Wall Street.
A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter.
Senate Banking Committee ranking member Richard Shelby (R-AL) said he opposes the so-called Volcker rule and the Obama administration’s call to levy a USD 90bn tax on banks. His comments come as House Financial Services Committee Chairman Barney Frank (D-MA) predicted the proposals outlined by President Obama could be law within six months.
Now that the Dow has reached 9,000 and the financial crisis declared over, it seems banks, just weeks ago causing the entire world to be a potential Economic Armageddon, are back to their usual tricks, as previously noted on EP.
ere’s the scoop on this latest bailout outrage: Citi is planning to commit at least an additional $1 billion in capital to a team of stock-focused proprietary traders, say people with knowledge of these strategies — a move seemingly at odds with Pandit’s earlier vow.
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