Senators Introduce Legislation to Eliminate SEC FOIA Exemption

From Zerohedge.

What can we say: it would be flagrantly criminal if the most incompetent and corrupt organization in the world was allowed to be unaccountable to anyone, least of all the US citizen. Our respect to Senators Leahy, Cornyn and Kaufman and Grassley for doing what is so obviously right, we are stunned only four senators ended up sponsoring legislation proposed by the Senate Judiciary Committee to strike the FOIA exemption for the SEC...

Obama Declares Victory; Wall Street Wins

From CNBC

Wall Street Wins, Main Street Loses in Bank Overhaul: Bove

The financial reform bill will likely hurt consumers more than banks because Wall Street will find a way to get around it, Richard Bove, banking analyst at Rochdale Securities, told CNBC Friday.


From News Channel 8

Obama Declares Victory on Financial Reform Bill

WASHINGTON (AP) - President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street. Lawmakers shook hands on the compromise legislation at 5:39 a.m. after Obama administration officials helped broker a deal that cracked the last imediment to the bill - a proposal to force banks to spin off their lucrative derivatives trading business...

From Bloomberg

Banks ‘Dodged a Bullet’ as U.S. Congress Dilutes Trading Rules

June 25 (Bloomberg) -- Legislation to overhaul financial regulation will help curb risk-taking and boost capital buffers. What it won’t do is fundamentally reshape Wall Street’s biggest banks or prevent another crisis, analysts said...