‘New’ powers in reg reform feel familiar, says American Banker.
From its inception, a key pitch for legislation to rework the regulatory system has been that it will provide regulators with more tools to prevent another banking crisis.
Yet the most highlighted provisions of both the House and Senate bills would give regulators authority they already have, and so far have largely ignored.
Mad rush to buy failed banks. FDIC loss-sharing agreements are a major reason why. The same old weasels are slithering back in and the FDIC has left the porch light on for them.
Senator Chris Dodd (D-Connecticut) is working hard in Washington… to make sure that only those who are already rich and powerful will have a shot at being rich and powerful.
Dodd is perhaps the sleaziest of all the Senate weasels, no mean feat. He pretends be a champion of the people but always, repeat always, makes sure the banksters gets their billions. We need a new circle of Hell for snakes like him.