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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Mac Con Ulaidh who wrote (75317)	5/19/2010 3:34:15 PM
From: tejek	Respond to of 149317

Buffet also refers to them as weapons of financial mass distruction, which they seem to have been. they pushed through not regulating them before... and here we are cleaning up messes. That's why we have to regulate them. That's key.

To: Mac Con Ulaidh who wrote (75317)	5/19/2010 4:16:12 PM
From: tejek	Read Replies (1) \| Respond to of 149317

Wall Street Reform: So about the Lincoln derivatives rewrite.... by Joan McCarter Wed May 19, 2010 at 07:10:03 AM PDT The plan yesterday: Three minutes before the noon deadline for amendments, Dodd filed a proposal addressing language in the bill that would force the nation's largest banks to stop trading nearly all kinds of derivatives -- a move that would dramatically reshape several critical markets and deprive the firms of a major source of revenue. Under the compromise, the Senate would keep the sweeping provision, but delay its implementation for two years while it's studied and quite likely kill it at the end. Dodd's plan calls for submitting the derivatives rules, which were initially proposed by Sen. Blanche Lincoln (D-Ark.), for study by a federal council of regulators. Several key members of the council and Treasury Secretary Timothy F. Geithner, who could have final say under the compromise, have serious reservations about forcing banks to get out of the derivatives business altogether. Dodd's plan was signed off on by Lincoln, who was planning on not needing to have it to burnish her populist cred for the race against Halter. Maybe they ought to be rethinking that now, with that whole run-off thing to consider. It's not going to look very good to the voters, after all, to kill off the only really decent thing she's done in years. dailykos.com.