So long Glass-Steagall. Hello Dodd-Frank--the most comprehensive rewrite of financial rules since 1933. This 2,319-page colossus--10 times the length of Glass-Steagall--took 1.5 years to produce and will cost $30 billion and many more years to implement. Will all this time and treasure make Wall Street safe for Main Street?Read it all.
Dodd-Frank is a full-employment act for regulators that addresses everything but the root causes of the financial collapse. It serves up a dog's breakfast covering proprietary trading, consumer financial protection, derivatives trading, executive pay, credit card fees, whistle-blowers, minority inclusion and Congolese minerals. Dodd-Frank also mandates 68 new studies of carbon markets, Chinese drywalls, and person-to-person lending, and many other irrelevancies.
Friday, July 16, 2010
Financial Reform, R.I.P.
For those of you out there that are really interested in what this new "supposed" financial reform bill actually meaans read this at Forbes: