The U.S. did not enforce existing securities laws, so no one should have confidence that new Dodd-Frank rules will have any meaningful impact. The U.S. banking system seems to have captured its regulators, Congress and the Treasury.
When it comes to President Obama, Americans have only two states of being: on or off. He is either the outsider who can bring about real change or he is a Washington insider just like the rest. The reality is that he is both, and most people find it hard to grapple with that paradox.
Citigroup just sent me its annual statement and ballot to vote on suggestions from its Board of Directors, which, among other things, extends its flirtation with a reverse split that began two years ago.
The congressional debate on financial reform turned a corner when Senator Reid (D-NV) filed for cloture Monday night. There are senators, however, working hard to unravel the gains included in the bill.