Financial Regs Moving Along Slowly
The regulatory plan also will include new oversight over largely unregulated derivatives markets and requirements on how banks turn their investments, such as mortgages, into complex securities — two issues that led to the crisis.
Citibank spend over $100 million in lobbying fees to have Glass-Steagall repealed. That figure puts it close to 22 cents per share. At least they didn’t repeal the FDIC back in ’92 with the rest of the Act – the FDIC was created in the original Banking Act of 1933. I’m surprised that no one has stood up and taken credit for that. Maybe they’re reading their history…
I wonder how the current lobbying is hastening or slowing down the process? Maybe the Government is just going deliberately slow because they understand that they are capable of putting out the fire with gasoline.
I know Jamie Dimon and JP Morgan are in no hurry to see it completed…
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