If you haven’t read the document yet (and only one person has so don’t feel bad), have a looksee at the clip above, produced by the White House, which explains the impetus for the bill (“the careless risk-taking by Wall Street had to be stopped”), makes some references to banks playing craps with other people’s money, confidently states with the passing of Dodd-Frank, “you can rest a little easier knowing your home and family will be protected from the irresponsibility of others,” and never once mentions Fannie Mae and Freddie Mac. Perhaps most genius, however, was having the whole thing narrated by the soothing voice of Kal Penn, though if I had my preference, would rather listen to in this. Continue reading »
financial reform bill
You’ve been warned. (This is presumably why Vikula’s attendance at the signing was mandatory– people familiar with the matter wanted to make sure he couldn’t say he never got the memo.) [WSJ]
And hey, guess what else?! At least one person on earth has read the whole thing! [via DI]
You think the JPMorgans and the Goldmans and the Citis give a baker’s fuck about you? Think again! They’re just using you. Won’t remember your name in the morning, if in fact they don’t sneak out in the middle of the night. I’m sorry but it’s a fact. Continue reading »
Bloomberg reports Brown sent a letter to Dodd and Frank stating: “This tax was not in the Senate version of the bill which I supported. If the final version of the bill contains these higher taxes I will not support it.” [Bloomberg]
A lot of people on Wall Street have expressed issues with the Chris Dodd’s little proposed bank-reform bill. That’s fine, and House Minority Leader John Boehner doesn’t begrudge them their concerns. He doesn’t much like the thing either, and everyone should fight it tooth and nail. But if he may, Boehner would like to offer some advice for any bankers trying to get their way. Stop being such pussies. Don’t take shit, prisoners or no for an answer.
“Don’t let those little punk staffers take advantage of you and stand up for yourselves,” Boehner said. “All of us are hearing from our friends and constituents on lack of credit, you can’t get a loan, the more your government takes and taxes, the more regulations you have to comply with the more cost you have there and less amount you are going to have available to loan to customers.”
