Friday, June 25, 2010

Obama Declares Victory; Wall Street Wins


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...

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