Volcker Rule Gives Goldman, Citi Until 2022 to Comply
Assuming of course that finreg passes, which while doubtful is still possible if Reid and Frank agree to dump the $18 billion in bank taxes, and substitute general budget cuts instead. It's amazing to witness the power of the bank lobby. This $18 billion is spread out over a decade and is deserved given their role in the crisis, yet there still aren't 60 votes in support.
Ratigan wasn't lying last week:
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Goldman Sachs Group Inc. and Citigroup Inc. are among U.S. banks that may have as long as a dozen years to cut stakes in in-house hedge funds and private- equity units under a regulatory revamp agreed to last week.
Rules curbing banks’ investments in their own funds would take effect 15 months to two years after a law is passed, according to the bill. Banks would have two years to comply, with the potential for three one-year extensions after that. They could seek another five years for “illiquid” funds such as private equity or real estate, said Lawrence Kaplan, an attorney at Paul, Hastings, Janofsky & Walker LLP in Washington.
Giving banks until 2022 to fully implement the so-called Volcker rule is an accommodation for Wall Street in what President Barack Obama called the toughest financial reforms since the 1930s. The Glass-Steagall Act of 1933 forced commercial banks such as what is now JPMorgan Chase & Co. to shed their investment-banking units in less than two years.
“One of the big concerns for the banks was how to unwind these funds,” Kaplan said. “This takes a lot of that argument away by giving them as much as 12 years to do so.”
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Jun 29, 2010 at 4:07 PM
Reader Comments (5)
A pure bankers Puppet Breed ever in White House
He believes his own Teleprompt bull shit fed by Bernanke/Larry Sumer/Geithner/Volker?Lol
Nancy Pelosi total trust in Barney?lol
Republicans lost souls .......
DR. RON PAUL IS ONLY VIABLE LEADER LEFT NOW
Billions Missing, Lies Mounting
by Abby Zimet
In Congress on Monday, Rep. Dennis Kucinich told it straight on the wars in Iraq and Afghanistan: billions of dollars "gone missing," as in stolen, by warlords, drug lords, corrupt government officials "underwritten by the lives of our troops." While people at home lose jobs, homes, savings, schooling, pensions, hope.
http://www.commondreams.org/further/2010/06/29
http://www.telegraph.co.uk/news/picturegalleries/worldnews/7861278/Greek-riot-police-fire-tear-gas-at-stone-throwing-protesters-in-Athens-during-a-nationwide-strike.html
Why working class suffers on both sides of the isle?
Bloody Politicians are safe guarded for their scam crimes on working class?
Time to shut down the US Federal Reserve?
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100006729/time-to-shut-down-the-us-federal-reserve/
"As I reflect on the full sweep of his 92 years, it seems to me that his life bent towards justice," Obama said of Byrd. "
Read more: http://www.nypost.com/p/news/national/soaring_byrd_salute_T4yAE5BWKh7MdfGuaMFZ4J#ixzz0sk5Bq2f5
"I shall never fight in the armed forces with a Negro by my side ... Rather I should die a thousand times, and see Old Glory trampled in the dirt never to rise again, than to see this beloved land of ours become degraded by race mongrels, a throwback to the blackest specimen from the wilds. ”
— Robert C. Byrd, in a letter to Sen. Theodore Bilbo (D-MS), 1944
LOL ....YOU JUST CAN'T MAKE THIS SHIT UP!