Congress removes authority to ban risky derivative trades because of “concern that a broad grant to ban abusive swaps would be UNSETTLING”
Wed Oct 14 2009 5:30 pm
by Bob Morris.
That champion of the common man, that fighter for us, Barney Frank disemboweled his own bill to insure that banks will not suffer any undue hardship because of it. Because that would be unsettling.
Frank’s revised bill fails to address the many concerns raised by the head of the CFTC and really does nothing to fundamentally reign in the credit derivatives which were largely responsible for crashing the economy.
Change?
Nope, nothing but hot air.
Posted in: Unfiled.
Tagged: Barney Frank
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