Comments on: The great news from the Senate

By: yr2009

yr2009 — Fri, 21 May 2010 21:02:26 +0000

Sounds good, but the question remains if this isn’t just a battle plan for the war that has already been fought, and whether it addresses the new big problems that the US financial system is facing now, and will be facing in the near future, problems that revolve around the extreme policies applied by the Administration and the Fed.

By: ChrisMaresca

ChrisMaresca — Fri, 21 May 2010 20:31:41 +0000

I think the big win was the removal of the onerous ‘angel investor’ causes that would have had the SEC review every deal during a 120 day hold period and would have upped the requirements to be a qualified investor.

By: mckibbinusa

mckibbinusa — Fri, 21 May 2010 20:08:35 +0000

For the record, climate change comes after immigration reform, at least in my opinion…

By: strawman

strawman — Fri, 21 May 2010 19:58:50 +0000

Thanks for the clarification. That’s the upside of blogging. Less deadweight on the sum total of human intelligence.

By: FelixSalmon

FelixSalmon — Fri, 21 May 2010 18:48:19 +0000

david, it seems that the prime brokers have learned their lesson from LTCM, no hedge funds have that kind of leverage any more.

strawman, it’s not just commercial deposit-taking institutions, it’s anybody with access to the Fed discount window.

By: strawman

strawman — Fri, 21 May 2010 18:09:24 +0000

Genuine question here – the NY Times graphic says the Volcker rule would affect deeply affect Goldmann Sachs, but I thought the proprietary trading ban affected only commercial deposit-taking institutions. Am I just a functional financial illiterate?

By: HBC

HBC — Fri, 21 May 2010 18:00:17 +0000

Just like that, Treasury might weaken or abolish Blanche Lincoln’s amendment, leaving a big meaningless chunk of sham legislation for easily-amused folks to celebrate over. Surely not if they had the best interests of the American People at heart?

Oh well, there’s always gallons of wine blogging to look forward to.

By: david3

david3 — Fri, 21 May 2010 16:27:34 +0000

“I like the idea of it taking place at hedge funds and other institutions which tend to be less leveraged than banks and more capable of failing without massive systemic side-effects.”

Unless there is a LTCM-esque situation.

By: Lilguy

Lilguy — Fri, 21 May 2010 16:06:54 +0000

Now THAT is “irrational exuberance!”