Comments on: Make that two cheers for Obama http://blogs.reuters.com/felix-salmon/2010/01/21/make-that-two-cheers-for-obama/ A slice of lime in the soda Thu, 20 Jun 2013 06:01:09 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: HBC http://blogs.reuters.com/felix-salmon/2010/01/21/make-that-two-cheers-for-obama/comment-page-1/#comment-11378 HBC Fri, 22 Jan 2010 00:03:12 +0000 http://blogs.reuters.com/felix-salmon/2010/01/21/make-that-two-cheers-for-obama/#comment-11378 As with his decaf healthcare "reform" having maimed the concept of single payer, Obama totally blew it with this latest resoundingly hollow promise of banking reform. Bring on the Massachussets, he's got no credit left now. To top things off, Goldman probably shorted themselves throughout the brief down-blip all this flash and no bang was sure to produce. If you listen closely you can hear them laughing oba-ha-ha-ma all the way to the bank. Zero cheers. As with his decaf healthcare “reform” having maimed the concept of single payer, Obama totally blew it with this latest resoundingly hollow promise of banking reform. Bring on the Massachussets, he’s got no credit left now.

To top things off, Goldman probably shorted themselves throughout the brief down-blip all this flash and no bang was sure to produce. If you listen closely you can hear them laughing oba-ha-ha-ma all the way to the bank.

Zero cheers.

]]> By: loph4t http://blogs.reuters.com/felix-salmon/2010/01/21/make-that-two-cheers-for-obama/comment-page-1/#comment-11368 loph4t Thu, 21 Jan 2010 21:03:44 +0000 http://blogs.reuters.com/felix-salmon/2010/01/21/make-that-two-cheers-for-obama/#comment-11368 http://www.businessinsider.com/big-banks-have-already-figured-out-the-loophole-in-obamas-new-rules-2010-1 A person at one big Wall Street bank said it expects that new regulation will affect less than 1% of its overall business. The key phrase is “operations unrelated to serving customers.” The banks plan to claim that much of the business in which it engages is related in one way or another to serving customers. Even proprietary trading, for instance, can become related to customer service if it is done through internal hedge funds in which some outside clients are permitted to invest. http://www.businessinsider.com/big-banks -have-already-figured-out-the-loophole-i n-obamas-new-rules-2010-1

A person at one big Wall Street bank said it expects that new regulation will affect less than 1% of its overall business.

The key phrase is “operations unrelated to serving customers.” The banks plan to claim that much of the business in which it engages is related in one way or another to serving customers. Even proprietary trading, for instance, can become related to customer service if it is done through internal hedge funds in which some outside clients are permitted to invest.

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