Michael Hirsh: Barney Frank's Derivatives Bill "Too Hard To Understand"

Newsweek:

Thanks to weeks of intense pressure from Wall Street banks and their customers in corporate America, the bill that was approved on Thursday by Rep. Barney Frank's Financial Services Committee is riddled with exceptions and loopholes, many critics say. If it becomes law, Wall Street's finest could be driving truckloads of new derivatives products through those loopholes for years to come.

Read the whole story: Newsweek

Comments

[greatscot]

So here's Barney Frank, despite all his huffing and puffing and feigned outrage and populist rhetoric actually stage-managing a massive give-away to Wall Street! Looks like when it comes right down to it ol' Barney knows which side his bread is buttered on! Does he think we're too stupid to see that, at core, he's just another Congressional money-grubber? This just does not make sense, and to hear Barney tell it ...to paraphrase...- it's not so bad, we'll fix it later...... Well, why did it come out of committee if it needs to be fixed later? From what Maria Cantwell says, it's an abomination. So why is Barney Frank promoting a costly, anti-taxpayer abomination? Frank has some explaining to do!

[JackRusselTerrier]

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The main problem in America is that the majority of politicians in Washington are more concerned with their political future than the future of the country.

Why would politicians want to regulate Wall St.? They get campaign contributions from Wall St.

What are the motives of politicians to come up with a system that is fair for all Americans? The facts are: there is more motivation for politicians to perpetuate the failed system we have today. Corruption fills the coffers of campaign funds. Take away the corruption and there would be less money flowing to the politicians.

Until we fix the corruption in Washington caused by greed and power, we will continue to see politicians act as shills for their largest doners.

http://www.citizensforethics.org/ (legal actions targeting government officials)
http://www.citizen.org/congress/campaign/index.cfm (campaign finance reform)

[RRoadrunner]

http://www.huffingtonpost.com/2009/10/16/sen-maria-cantwell-savage_n_323868.html