The Dodd-Frank Act gave the CFTC until January 2011 to set limits to curb excessive speculation in the energy markets. Lo and behold, Chairman Gensler told lawmakers the CFTC wouldn't meet the deadline "because it doesn't yet have sufficient data."
It is not whether families earning $250,000 are paying more or less taxes that is of visceral concern. The public still feels they have been held up and the Wall Street perpetrators are laughing all the way to bank.
The SEC, fresh from their cream-puff settlement with Goldman Sachs, turned around last month and laid a 78-page complaint on the Wyly Brothers, alleging that the billionaire businessmen committed all manner of misconduct.
Now the dilemma is, without proper clarity, without language and argot that clearly defines what Goldman has brewed in the way of financial engineering for the less wary to gobble up, how will they communicate with their trading desks?
Top Obama administration officials refuse to change their opinions in the slightest; they have dug in behind the idea that they represent the moderate center on banking policy. This is a weak position.