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Non-Tech : Banks--- Betting on the recovery
WFC 86.040.0%Nov 7 9:30 AM EST
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To: David C. Burns who wrote (972)7/1/2010 11:30:15 PM
From: tejek   of 1428
 
It’s a tough bill, and shows the pendulum is swinging toward tighter regulation,” said Frederick Cannon, a banking analyst at Keefe, Bruyette & Woods in New York. “This is going to pressure bank earnings well into the future.”

Of course, all the big banks would feel some effect. Goldman Sachs, for example, would have to rein in its high-rolling traders. Wells Fargo would be subjected to stricter rules on consumer lending. And many large banks would feel the pinch of lower transaction fees on debit cards.

With owning banks in my IRA, its hard to look at legislation that increases regulation. At the same time, I never want to go through what we have gone through the past two years. Where I live, we lost a major bank that employed many thousands and occupied over 600K sq ft of office space downtown. Its a huge loss. I never realized that bankers could ever become so aggressive and stupid and I don't ever want to see it again.
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