Wall Street's Reaction To Reform Legislation: 'A Sigh Of Relief'

New York Times:

The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.

Read the whole story: New York Times

Comments

[daveanders]

10:36 AM on 05/25/2010

blankfein always looks like he just farted.

[sheoples]

07:14 AM on 05/25/2010

“Capitalism is the legitimate racket of the ruling class”

Al Capone

[msjimmied]

11:59 PM on 05/24/2010

Too many watered down, practically useless bills. So what have we accomplished in reality? Enjoy it while you can banksters, from where I sit, the whole edifice is looking wobblier by the day. Europe not looking so hot is it? UK next? Do you really think you can control the momentum of the world's collapse? Riots popping up everywhere? What's going to happen when millions run out of benefits?
So. Do you feel lucky?

[muhair]

10:34 PM on 05/24/2010

Just as a robust public option would have fixed most everything wrong about the current health insurance system, reinstating Glass-Steagal would have remedied a great deal of the craziness in the financial sector. What do we get instead....? More complexity, less security, more pain, less gain except for those that already got.
I'm in touch w my congressional reps and hope anyone who cares enough to comment here is doing same.

[01202009]

04:39 PM on 05/24/2010

Yep. They made out like bandits with our money.

I am convinced that the big bankers saw the light at the end of the tunnel and realized it was a train. I think they pulled the plug on themselves while knucklehead Bush was still in office to make sure their pals in the government would step in and save them.

But the story is not finished. There’s more to come and let’s see how they fair in the next meltdown. Keep your torches and pitchforks at the ready.

[Pleroma]

04:03 PM on 05/24/2010

Who Wall Street buys stays bought.

So far so good.

[bc161]

02:48 PM on 05/24/2010

We lost our momentum and were distracted by 2008 election to have the actual guts needed to make the institutional and structural changes needed to fix this. Glass-Stegal should have been revived in the same bill as TARP. Banks should have been broken up when Fed bought all thier trash assets. So maybe the next crash folks.

[bc161]

02:39 PM on 05/24/2010

Obama is just doing for big fianance and insurance what Bush did for big oil and military contractors, giving them a new field way to move more of our cash ( private or public ).

"meet the new boss, same as the old boss" very wise words from The Who.

We need a new movement and it is not some silly teaparty protest.

[guveqzero]

11:47 AM on 05/24/2010

With that smile, another 10 million angry citizens join the ranks for more extensive banking reform. Today, the US Congress can be bought. But after each new election, bankers will see that smile turned upside down. The enemy has been found, and it's here on our soil. These bankers have harmed the US more than the attack on 911 and much more than Saddam ever did. If big banks are our friends, our enemies have nothing to fear.

[Aishart MDrars]

11:18 AM on 05/24/2010

what do you call 1 million tbaggers at the bottom of the ocean? A good start to ridding ourselves of the most wretched sub-humans the world has ever seen

[golferman]

11:27 AM on 05/24/2010

I take it yu don't really care for the trash baggers. I don't either. But I don't know that I want them at the bottom of the ocean. Maybe in ball and chains so they can't get to the voting booth and screw me.

[DustinTime]

11:15 AM on 05/24/2010

"The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business."

Sure--I mean, it's not like they nearly destroyed the economy and necessitated an unprecedented shift in resources that has left millions unemployed or anything...

Why change how they do business?

Why change anything? Not like Obama ran on change. We need to just call something reform, so the sheep sleep better, and get back to the racket.

Thank God Wall Street's power stays intact. By every metric, things are worse for most Americans since de-regulation... but fug 'em.

[Jim bob]

04:55 PM on 05/24/2010

Obama seems to be completely without principles. And I was a huge supporter. I regret that, as it is a huge disappointment and has been from about day 20...whenever the banking boys were appointed as the watchdogs.

[fedupwithpolitics]

11:09 AM on 05/24/2010

Look, let's get something straight: only the mainstream media are touting the healthcare and bank reform bills as "landmark." To the rest of us, they are weak give-aways to big corporations. Obama has no teeth. Congress has no spine. We are dealing with a cowardly, corrupt government. And they expect us to reward them at the polls?

[birdsdofly]

11:07 AM on 05/24/2010

Ok 'obama-supporters-no-matter-how-corporate-liberal-he-proves-himself-to-be', I'm sure none of this crap legislation passed over the past two years has anything to do with him, since like he's only the president and doesn't have any 'real' say in the legislation process, but please explain how this guy is a real progressive and not a corporate dem?

Someday I hope he realizes throwing people under the bus because it is the politically expediant thing to do can lead to the expediant way to returning to private life...

Only when he needs votes, will he come to pander to us progressives. Then back under the bus we all go.

[lobear00]

11:55 AM on 05/24/2010

The man is a corporate conservative. Not a progressive,nor a democrat. The man is the exact clone of the last dictator .

[Sam Damage]

11:01 AM on 05/24/2010

I may be a bit naive, but if we all are complaining about these investment firms, can't we simply take our money away from them?

I mean, really? If they don't get massive inputs of capital from ordinary people, where does all their money come from?

If we all stopped individual investing, would they still be operational?

[bthechangeyouseek]

10:19 AM on 05/25/2010

They take loans that are made, such as in housing market, and use them for raw material to package up into exotic investments. If we regulate what they can put into a derivative or CDO, it might help.

[binksmom85]

10:59 AM on 05/24/2010

wow, all that influence money, a million per legislator, actually worked! who'd a thought it?