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Chanos Expects More Wall Street Fraud Cases, Says Financial Reform Doesn't Go Far Enough (VIDEO)

Video:  Jim Chanos on Obama's speech, financial reform, and fraud investigations -- April 22, 2010

Chanos begins after the 3-minute mark.  He is preceded in the clip by Obama's speech on Wall Street reform and a few minutes with Bobby Pisani.

Some quotes and a link are inside.


Seasoned hedge fund manager James Chanos told CNBC Thursday he expects to see more actions like those of the securities-fraud charges against Goldman Sachs.

Although some on Wall Street are opposed to reforms proposed by President Obama, Chanos said most accept that it's going to happen.

He disagreed with the belief that financial reform will inhibit business and growth.

Chanos added that he is in favor of even more safeguards than those in the current bill, which may face a procedural vote in Congress as early as Monday.

“It [financial reform] wouldn’t kill the golden goose,” he added. “Some of us think it doesn’t go far enough. On the other hand, it’s certainly a lot of steps in right direction. It’s better than what we have now.”

Chanos agreed with the President’s contention that financial reform is beneficial for the country in general and Americans and Wall Street in particular.



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Reader Comments (7)

Obama concerned about Greek debt, monitoring closely

Apr 28, 2010 at 3:56 PM | Registered CommenterDailyBail
Apr 28, 2010 at 3:56 PM | Registered CommenterDailyBail

Swaps Not Responsible for Crisis, Greece Is: Papantoniou
Apr 28, 2010 at 4:01 PM | Registered CommenterDailyBail
S&P Cuts Spain's Rating One Notch on Economic View

Apr 28, 2010 at 4:01 PM | Registered CommenterDailyBail
Warning for Britain as financial chaos spreads to Spain


“When you realise you have it you have to cut your leg off in order to survive,” he said, telling indebted countries to start cutting spending.

Wake up Barry Soetoro, time to cut of arm and a leg her in the States. How about starting with your travel and campaign spending. Just an idea.
Apr 29, 2010 at 8:45 PM | Unregistered CommenterZarathustra
agreed zara...and i've been saying it and writing it since the day of his inauguration...his debt and deficit issues would make him a 1 term president...one day i'll re-post 1 of those early columns...
Apr 29, 2010 at 11:41 PM | Registered CommenterDailyBail

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