Friday, May 21, 2010

House passed last December, the Senate passed now, and Final Bill will surely tie the hands of Wall Street that steals

Senate Passes Broader Rules  for Overseeing Wall Street
[[[ Will the Wall Street Robbers connive to find another hole to jump through to take another greedy bite ?]]]

The Senate bill, seek to curb abusive lending.
Creates a powerful Bureau of Consumer Protection within the Federal Reserve to oversee nearly all consumer financial products.

The vote was 59 to 39, with four Republicans joining the Democratic majority,  and two Democrats opposed  saying it was still not tough enough.

“The recession we’re emerging from was primarily caused by a lack of responsibility and accountability from Wall Street to Washington,” Mr. Obama said, adding, “That’s why I made passage of Wall Street reform one of my top priorities as president, so that a crisis like this does not happen again.”

The exemption suggested to shield auto dealers from supervision by a new consumer protection agency.  [[[ How cunning ? ]]]

Republican leaders, voiced loud criticism of the legislation while trying to insist that they still wanted tougher supervision of Wall Street.  [[[ Double Tongued,  eh ? ]]]

The bill will ensure that troubled companies, no matter how big or complex, can be liquidated at no cost to taxpayers.
It would empower regulators to seize failing companies, break them apart and sell off the assets.
This drastic action may wipe out shareholders and creditors. 
[[[ Ah, now company CEO, Shareholders, Creditors, all take special care of all, to float ]]]

To coordinate efforts to identify risks to the financial system, a “financial stability oversight council”
will actively supervise.

The bill would touch virtually every aspect of the financial industry, for the trading of derivatives, center of the 2008 crisis.

Derivatives would have to be traded on a public exchange and cleared through a third party.

Some of the biggest banks would be forced to give up their trading in swaps, the most lucrative part of the derivatives business, into separate subsidiaries, or be denied access to the Fed’s emergency lending.  [[[ Obama is plainly undoing Clinton -- Why
not throw Clinton in the ''Cooler'' for a while ]]]

Posted via email from What's New in Internet Today !

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